LT Group Inc. of airline and tobacco tycoon Lucio Tan said net income in the first quarter of the year jumped 22 percent to P4.42 billion from P3.63 billion year-on-year.
LT Group said in a disclosure to the stock exchange that banking unit Philippine National Bank contributed P1.08 billion or 24 percent of total attributable income, while the tobacco business accounted for P2.84 billion, or 64 percent of total.
LT Group’s liquor unit Tanduay Distillers Inc. added P229 million, while property arm Eton Properties Philippines, Inc. and beverage subsidiary Asia Brewery Inc. accounted for P148 million and P82 million, respectively.
The company’s 30.9-percent stake in Victorias Milling Company Inc. contributed P75 million to the total net income.
PNB’s net income reached P1.95 billion in the first quarter, up 30 percent, as loans and receivables rose 17 percent while net interest margin grew slightly lower at three percent.