Banking, tobacco businesses lift LT Group’s profit to Php 4.6 B in H1

MANILA –Net profit of LT Group, Inc. (LTG), a Lucio Tan-led conglomerate, grew to Php 4.56 billion in the first half of this year, up 28 percent from Php 3.57 billion in the same period last year, anchored by the robust growth of its banking and tobacco businesses.

Unaudited income statements for January to June this year show Philippine National Bank (PNB) contributed Php 1.73 billion, or 38 percent of LTG’s attributable income.

PNB reported a net income of Php4.42 billion for the first semester of 2016 from Php 4.10 billion the previous year on the back of higher net interest income.

The tobacco business accounted for Php 1.45 billion, or 32 percent of total; followed by Asia Brewery, Inc. (ABI) at Php 720 million, or 16 percent.

Its profit reached Php 1.46 billion in the first semester from Php 425 million last year.

Tanduay Distillers, Inc. (TDI) added Php 444 million, or 10 percent, as revenues grew largely due to the start of the contribution of bioethanol sales in 2016.

Eton Properties Philippines Inc. contributed Php 132 million, or 3 percent.

Eton generated a net income of Php 133 million for the first half of 2016, up 18 percent from Php 113 million last year.

Revenues increased by 5 percent to Php 1.31 billion due to a growth in leasing revenues brought about by higher lease rates of its business process outsourcing (BPO) office buildings.

Equity in net earnings from Victorias Milling Company, Inc. (VMC) amounted to Php 96 million, or 2 percent of total. Leslie Venzon/PNA/northboundasia.com