The holding company, led by Lucio Tan III, saw consolidated revenues increase 9.3 percent to P31.15 billion, with growth led by the banking, spirits, and property businesses.
Strong start across key businesses
The improvement was led by banking, with Philippine National Bank contributing P3.42 billion, up from P2.97 billion, driven by higher lending and other income.
The tobacco segment added P2.81 billion, a 5.5 percent gain from last year, as PMFTC, a joint venture between Philip Morris International and Fortune Tobacco Corp., benefited from better pricing.
Drinks, real estate
The distilled spirits business (Tanduay) more than doubled its profit to P528 million, while beverages brought in P178 million, up 14.8 percent, thanks to strong sales in bottled water and energy drinks.
Net income from property development (Eton Properties Philippines) rose to P144 million, while earnings from the group’s stake in Victorias Milling reached P154 million, up from P100 million due to higher ethanol sales.
Spending rises, but gains from PNB offset costs
Operating expenses rose 5.4 percent to P9.68 billion, mainly from higher personnel costs, taxes, and administrative expenses. Selling expenses jumped 25 percent to P649 million due to increased marketing for liquor and beverage products.
Meanwhile, other income climbed to P1.74 billion, fueled by gains from PNB’s sale of foreclosed properties.
