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LT Group Inc. (LTG), taipan Lucio Tan’s holding company for Philippine investments, reported a 15-percent growth in attributable net income to a record-high ₱22.57 billion for the first nine months of 2025, as almost all subsidiaries posted higher profits.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said this marks its strongest nine-month and third-quarter performance since the company’s follow-on public offering.
Philippine National Bank (PNB) contributed ₱10.4 billion, or 46 percent of net income; Fortune Tobacco Corp. (FTC), representing the tobacco business, contributed ₱8.12 billion, or 36 percent; while Tanduay Distillers Inc. (TDI) and Asia Brewery Inc. (ABI) added ₱2.39 billion and ₱731 million, respectively, accounting for 11 percent and four percent each.
Eton Properties Philippines Inc. and Victorias Milling Co. accounted for ₱481 million, or two percent, and ₱276 million, or one percent, respectively.
PNB’s net income reached ₱18.51 billion in the first nine months of 2025, 23-percent higher than the ₱15.06 billion in the same period last year.
For the same period, FTC’s net income rose three percent to ₱8.16 billion from ₱7.94 billion a year earlier, mainly due to higher equity earnings from its investment in PMFTC, which contributed ₱6.91 billion, up three percent from ₱6.69 billion last year.
Total industry volume stood at 34.7 billion sticks in the first nine months of 2025, three-percent higher than the 33.7 billion sticks recorded in the comparative period of 2024.
PMFTC outperformed the market, increasing its volume by four percent to 16.4 billion sticks from 15.8 billion last year. This, along with price increases implemented in November 2024, contributed to higher PMFTC income.
TDI posted a net income of ₱2.4 billion, up 59 percent from ₱1.51 billion in the same period last year.
These are TDI’s best nine-month and third-quarter results to date and were driven by higher net revenues of ₱25.09 billion, two-percent higher than the ₱24.61 billion reported last year.
This was primarily attributed to higher liquor selling prices, which offset lower sales volumes of liquor and bioethanol.
ABI’s net income increased to ₱737 million for the nine months ended Sept. 30, 2025, from ₱715 million in the same period last year.
Revenues of the beverage segment reached ₱13.45 billion during the period, three-percent lower than last year, as sales volume declined for Cobra energy drinks.
However, the cost of sales decreased at a faster rate of five percent to ₱10.08 billion, due to packaging and formulation improvements.
Eton reported a net income of ₱483 million for the first nine months of 2025, lower than the ₱499 million recorded in the same period last year, on account of lower margins in the leasing business resulting from reduced rental rates and higher operating costs.
Leasing revenues declined by 11 percent to ₱1.41 billion, representing 74 percent of total revenues, compared to ₱1.59 billion in 2024. Real estate sales grew by 55 percent to ₱483 million from ₱312 million, driven by continued sales of remaining inventory in the 68 Roces and Eton City projects in Quezon City and Laguna province, respectively.
