Lucio Tan holding firm posts flat Q1 earnings on weak showing of PFMTC, Asia Brewery, Eton

LT Group Inc., the listed investment arm of ultra bilyonaryo Lucio Tan, reported a net income of P6.53 billion in the first quarter, almost same level as last year due to the sluggish performances of its tobacco, beverage and property units.
The improvement in the earnings of banking and distilled spirits segments and equitized earnings in Victorias Milling Co. Inc. offset the decline in the tobacco, beverage and property development’s bottomline.
Consolidated revenues were flat at P22.1 billion while cost of sales went up nine percent to P10.6 billion owing higher sales volume by distilled spirits and beverage segment.
The tobacco business under PMFTC reported a 16 percent drop in net income to P4.2 billion while real estate subsidiary Eton Properties also posted lower earnings from P150 million to P128 million a year earlier.
Asia Brewery Inc. also saw its net income decline by P80 million from P211 million even as revenues increased to P3.8 billion from P3.4 billion on higher sales volume from Cobra energy drink, bottled water, vita milk soy milk and beer.
Meanwhile, the distilled spirits segment under Tanduay posted P333 million in net earnings, 86 percent higher than the previous year.