MANILA, Philippines – Billionaire Lucio Tan's flagship conglomerate LT Group Inc. said profits expanded by 24 percent to P25.14 billion in 2022.
Net income rose from the previous year, which was weighed down by the removal of a P33.4-billion windfall from the asset transfer gains of subsidiary Philippine National Bank in 2021, a statement on Friday showed.
It said Tanduay Distillers Inc. contributed P1.47 billion (6 percent); Asia Brewery Inc., P580 million (3 percent), and Eton Properties Philippines Inc., P372 million (1 percent).
LT Group also owns a 30.9-percent stake in Victorias Milling Co. Inc., which contributed P491 million or 2 percent. LT Group recorded "other income" of P340 million, or 1 percent of the total.
PNB's net income under the pooling method ended the year at P11.77 billion, down 65 percent.
Net interest income increased 7 percent to P37.33 billion while net service fees and commission income rose 5 percent to P5.57 billion.
Tobacco arm PMFTC Inc. booked a net income of P15.34 billion, down 12 percent, while sales volume slipped 6.3 percent to 32.2 billion sticks.
"The decline is attributed to trade inventory adjustments and downtrading post the industry-wide price increase in [the first quarter of 2022]," the company said.
Tanduay Distillers' net income last year jumped 18 percent to P1.47 billion as sales volume rose 16 percent to 27.5 million cases.
Tanduay ended the year with a nationwide market share for distilled spirits at 27.7 percent versus 26.6 percent in 2021.
In the Visayas and Mindanao regions, where bulk of sales come from, Tanduay commanded a market share of 67.1 percent and 75.6 percent, respectively. These, compared to 66.9 percent and 74.3 percent in 2021.
Asia Brewery ended the year with a net income of P583 million, up 23 percent on strong volume growth.
It said Cobra energy drink remained the market leader with a 59-percent market share in 2022 while soymilk Vitamilk ended with a share of 7 percent. Bottled water brands, Absolute and Summit, had the third largest market share at 20 percent.
Eton Properties Philippines saw 2022 profit drop 32 percent to P373 million, the group said in the statement.
—Miguel R. Camus
LT Group 9-mo earnings beat full 2021 figure
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