Tycoon Lucio Tan's companies under the LT Group saw some recovery in profits in the first quarter of 2021.
In a disclosure to the Philippine Stock Exchange on Tuesday, May 11, LTG reported a net income of P6.5 billion in the first quarter, 4.5% more than the P6.2 billion in the same period in 2020., Tanduay Distillers, Asia Brewery, and Eton Properties, plus its stake in Victorias Milling Company, comprised the rest.Here is a snapshot of how the companies under LTG performed:LTG's tobacco business earned P5 billion in the first quarter, P24 million more than it earned a year ago.
The company said industry volume was estimated at 13.1 billion sticks, 14% less than the 15.3 billion a year ago, due to higher sin taxes.PNB's net income stood at P1.8 billion, up by 33% in the first quarter, as the bank lowered its provisions for credit losses. Net interest income fell 7% to P8.2 billion, while services fees and commission income grew 35% to P1.3 billion.Tanduay's net income for the first three months stood at P235 million, 18% higher than the P199 million a year ago.Tanduay's nationwide market share for distilled spirits was at 26.5%, while it continued to dominate the Visayas and Mindanao markets at 70.1% and 76%, respectively.
Eton has a leasing portfolio of 181,000 square meters of office space and over 45,000 square meters of retail space.