By Arra B. Francia, Reporter
LT Group, Inc. (LTG) plans to revive the operations of its unit Asian Alcohol Corp., around eight years after the distillery temporarily halted its operations.
In a statement issued Friday, tycoon Lucio Tan, Sr.’s conglomerate said Asian Alcohol will begin its biofuel production as part of the company’s efforts to develop clean and renewable energy projects.
“Next year, Asian Alcohol will begin its biofuel production. Like Absolut Distillers, it will blaze new paths and return to its old glory,” LTG Director Lucio K. Tan, Jr. said in a statement.
Prior to the suspension of its operations, Asian Alcohol was the country’s second largest distillery. The company stands on a 10-hectare property with alcohol aging and wastewater treatment facilities capable of converting distillery waste into biogas energy for its power requirements. The facility had a daily rated capacity of 210,000 liters of quality ethyl alcohol back then.
The company expects Asian Alcohol to mirror the operations of Absolut Distillers, Inc. in Batangas, which has since generated over P880 million from its bioethanol operations starting in 2015.
At the same time, Absolut Distillers will be commissioning a six-effect evaporator to improve its wastewater treatment. The firm will further add a pot still distillery and a small mill.
UPBEAT ON TANDUAY
Meanwhile, Mr. Tan is also upbeat on the growth prospects of LTG’s other business units, particularly Tanduay Distillers, Inc. and Macroasia Corp.
Mr. Tan, who also serves as the president and chief operating officer of Tanduay Distillers, said he expects the firm to sell 20 million cases this year as it further expands in Luzon. The company is also exploring markets overseas.
“Tanduay will grow its assets to compete and be even more relevant in the liquor industry,” Mr. Tan said.
The executive also said they are preparing Macroasia to go “full blast” next year, citing its plans to expand to water. At present, Macroasia’s core business is in aviation support, where it provides aircraft maintenance, repairs and overhaul services, in-flight catering services, and airport ground handling services, among others.
“Macroasia is going full blast with our thrust to address the future of water…our Chairman (Lucio Tan Sr.) has already been building dams to complement the farmers with their harvest up north. We are now investing more on this valuable liquid,” Mr. Tan said.
Alongside the group’s expansion efforts, Mr. Tan also emphasized the need for more sustainable practices that will help diminish the impacts of climate change.
“Our thrust is to participate and develop clean and renewable energy projects for our sustainability…reduce our carbon footprint to underscore our commitment to help mitigate the effects of climate change. I believe this is incumbent upon us as a responsible corporate entity, where we can invest in technologies that will unravel economic opportunities for the group and our employees,” he said.
LTG delivered an attributable profit of P12.57 billion in the first nine months of 2018, almost double the P6.83 billion it posted in the same period a year ago. Gross revenues meanwhile stood at P54.47 billion, 16% higher year-on-year.
Shares in LTG dropped 0.84% or 14 centavos to close at P16.60 each at the stock exchange on Friday.