LT Group posts best Q1 performance since 2013

MANILA, Philippines — LT Group Inc. (LTG) of taipan Lucio Tan delivered its best first-quarter performance since its follow-on public offering in 2013.

LTG recorded an attributable net income of P7.24 billion from January to March, 13 percent higher than last year’s P6.42 billion.

The group’s top line grew by 9.3 percent year-on-year to P31.15 billion, driven by improved revenues from the banking, distilled and property development segments.

Philippine National Bank (PNB) saw its net profit under the pooling method rise by 15 percent to P6.09 billion in the first quarter, with gross interest income improving by seven percent year-on-year on the back of higher yields and increased volumes in trading and investment securities as well as loans and receivables.

LTG said that further contributing to PNB’s strong quarter performance was a 20-percent surge in net service fees and commission income due to higher income from loan-related and trade-related activities, bancassurance, credit card and underwriting fees.

Fortune Tobacco Corp., on its end, delivered a net income of P2.81 billion, up by six percent year-on-year, due primarily to higher equity in net earnings from PMFTC.

Despite the flat industry volume of 11.9 billion sticks, LTG said that PMFTC’s volume increased slightly to 5.6 billion sticks during the quarter, compared to 5.5 billion sticks in the same period last year.

“This, combined with price increases implemented in November 2024, led to higher earnings,” the company said.

Meanwhile, earnings of Tanduay Distillers Inc. soared by 107 percent to P528 million from last year’s P255 million.

The surge was attributed to the 22 percent jump in net revenues to P7.19 billion due to increased sales volume and higher selling prices in the liquor segment.

LTG said that Tanduay remained strong in the Visayas and Mindanao regions, holding a dominant share of 67.5 percent and 81.6 percent, respectively.

Its nationwide market share for distilled spirits increased to 38.1 percent during the quarter, compared to 32.9 percent in the same period in 2024.

Asia Brewery Inc. registered higher earnings during the quarter at P178 million despite revenues of the beverage segment slipping by two percent year-on-year as sales volume decreased for Cobra energy drinks.

Still, LTG said Cobra energy drink was the leading energy drink in the first quarter, while Absolute and Summit bottled water brands ranked third among local water brands.

For LTG’s real estate arm, Eton Properties Philippines Inc., net income increased by 24 percent to P144 million from P116 million last year.

Leasing revenues for the three months reached P473 million, while real estate sales stood at P102 million.