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Friday, March 29, 2024

LT Group’s net profit jumps 88% to P4.71b

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LT Group Inc., the listed holding company of beer and tobacco tycoon Lucio Tan, booked a net income of P4.71 billion in the first nine months of 2015, up 88 percent from P2.5 billion year-on-year, on the stronger performance of core units.

LT Group told the stock exchange banking unit Philippine National Bank contributed 59 percent to the total income at P2.78 billion, followed by Asia Brewery Inc. with a 15 percent share or P693 million.

LT Group is mainly engaged in banking, real estate, tobacco and liquor businesses.

The tobacco business added P523 million or 11 percent to the total profit while liquor unit Tanduay Distillers Inc. accounted for P337 million or seven percent.

The group’s property arm under Eton Properties Philippines Inc. accounted for three percent at P196 million.

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Net earnings from the 20.17 percent equity stake in Victorias Milling Co Inc. contributed P172 million or four percent of total.

While illicit trade continues to adversely affect the overall profitability of the cigarette business, LT Group said its tobacco unit registered a 13-percent increase in net income in the first nine months of the year to P525 million from P464 million in 2014.

Tanduay Distillers booked a net income of P337 million in the nine-month period, a turnaround from a loss of P83 million in the same period last year. Revenues, however, were relatively flat, as the slightly lower sales volume were partially offset by higher prices. 

Eton’s earnings in the first nine months of 2015 amounted to P197 million, a significant improvement over the P65 million reported in the same period a year ago.

“Rental income continues to account for a significant portion of earnings, with all five existing BPO office buildings fully leased out. Eton plans to increase its portfolio of office buildings,” LT Group said.

Net income of Asia Brewery, meanwhile, declined 13 percent to P797 million from P694 million as the intense competition in the beverage market affected volumes and margins.

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