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Thursday, March 28, 2024

LT Group’s income topped P20 billion in 2021

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LT Group Inc., the holding company of tycoon Lucio Tan, said Friday net income reached P20.25 billion in 2021, down 3.7 percent from P21.02 billion in 2020, on the lower contribution of the banking, property and beverage businesses.

LT Group said in a disclosure to the stock exchange tobacco business accounted for P17.43 billion or 86 percent of LTG’s total attributable income, followed by Tanduay Distillers Inc. with P1.24 billion or 6 percent of the total.

Eton Properties Philippines Inc. added P548 million, while Asia Brewery Inc. contributed P475 million. The company’s 30.9-percent stake in Victorias Milling Company Inc. added P258 million.

Banking unit Philippine National Bank had a net contribution of P308 million, after eliminating the gain of P33.44 billion from the transfer of real estate assets into PNB Holdings Corp.

The group’s tobacco business had a net income of P17.50 billion in 2021, up 4 percent from a year ago despite lower industry volume.

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