LT Group Inc., headed by billionaire Lucio Tan, saw its consolidated first quarter net income edge up 2.9 percent to P8.83 billion from P8.58 billion amid revenue growth in the banking, beverage and property segments.
Total revenues climbed 9.4 percent to P28.5 billion from P26 billion, with attributable profit marginally increasing to P6.42 billion from P6.38 billion, the group said in a stock exchange filing late on Monday.
The bulk of first quarter earnings came from the banking and tobacco businesses, accounting for 46 percent (P2.97 billion) and 41 percent (P2.65 billion) of the total, respectively.
Philippine National Bank started the year on a high note, with net income rising by 10 percent to P5.3 billion in the first three months, from P4.8 billion previously.
The bank's core earnings grew 7 percent to P12.9 billion from P12 billion, as net interest income surged 12 percent to P11.7 billion from P10.5 billion.
The tobacco business' net profit totaled P2.66 billion, down 13 percent from P3.06 billion, with most of the earnings coming from an equity stake in cigarette manufacturer PMFTC Inc.
LT Group said the industry's volume dipped 11 percent to 10.2 billion sticks from 11.5 billion sticks in 2023, which was attributed to affordability challenges, growing illicit incidence, and the proliferation of vape products.
Alcoholic beverage unit Tanduay Distillers Inc. (TDI) posted a net income of P255 million, slightly down from P258 million last year, amid a low liquor volume that offset the higher bioethanol volume.
"Due to the decline in liquor volume, partially offset by the effect of the early 2023 price increase, [TDI's] revenues were 5 percent lower year-on-year at P5.9 billion from P6.24 billion," the group said.
Asia Brewery Inc. more than doubled its earnings to P155 million from P75 million as sales rose 15 percent to P4.39 billion from P3.81 billion, driven by higher product volumes.
Real estate arm Eton Properties Inc., meanwhile, booked a net income of P116 million, down 5 percent from P122 million last year, despite a 12 percent rise in leasing revenues.
Moving forward, LT Group remains "cautiously optimistic" about its growth prospects amid persistent macroeconomic headwinds, President and Chief Operating Officer Lucio Tan 3rd told stockholders earlier this month.
"As we move forward together, we will do so with unity and resilience. We remain steadfast in our commitment as we work toward our shared vision," he added.
On Tuesday, LT Group shares fell 0.3 percent to P9.99 each amid a marginal 0.06-percent uptick for the benchmark Philippine Stock Exchange index.
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