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Friday, March 29, 2024

LT Group’s income hit P15.4b in first half

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LT Group Inc., the publicly-listed holding company of tycoon Lucio Tan, said over the weekend net income jumped 313 percent in the first half to P15.4 billion from P3.73 billion in the same period last year on higher net income contribution from banking unit.

LT Group said in a disclosure to the stock exchange first-half consolidated revenues rose 4 percent P45.8 billion, led by higher beverage and distilled spirits revenues. First-half cost of sales and services increased 13.6 percent to P22.6 billion from P19.9 billion.

The group’s tobacco business, which accounted 50 percent of total first attributable net income, went down by 14 percent to P7.74 billion. “Volume was relatively flat. But the lower profits can be attributed to the increase in excise taxes that PMFTC Inc. had to absorb as a price increase was only implemented in the end of March 2022,” LT Group said.

The group’s banking arm Philippine National Bank contributed P6.28 billion to total net income, a reversal from previous year’s contribution of P6.5-billion loss.

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