Lucio Tan's companies recover in Q1 2021

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Lucio Tan's tobacco, liquor, and banking businesses see gains in the first quarter despite the pandemic.

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.

 

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