LT Group Inc. of tycoon Lucio Tan said over the weekend net income rose 2.3 percent in the third quarter to P6.21 billion from P6.07 billion in the same period last year on lower cost of sales and services.
LT Group said in a disclosure to the stock exchange third-quarter revenues were flat at P22.8 billion while cost of sales and services declined 2 percent to P10.49 billion from P10.7 billion in 2020.
The figures brought the nine-month net income to P10 billion, down 38.2 percent from P16.1 billion recorded a year ago.
It attributed the decline largely to the negative net contribution of the banking segment in the group because of higher provisioning for credit losses and the elimination of the gain from the transfer of real estate assets at the consolidated level.
Consolidated revenues amounted to P66.9 billion in the nine-month period, down 4.5 percent from P70.1 billion earned in 2020 on decreased revenues in the banking and property development segments, partially offset by the higher distilled spirits and beverage segment revenues.
The tobacco business contributed P13.27 billion of total net income, or 9.7 percent higher than the comparative figure of P12.2 billion.
Tanduay Distillers Inc. also added P998 million, down from P1.1 billion as expenses grew faster than revenues.
Asia Brewery Inc. contributed P411 million, up from P4 billion in 2020 while Eton Properties Philippines Inc.accounted for P366 million, lower than previous year’s level of P633 million on decline in rental revenues.
The group’s 30.9-percent stake in Victorias Milling Company Inc. added P169 million to total net income.
LTG declared in June a P0.24 per share special cash dividend or a total of P2.60 billion. It was paid in July.
This brought total cash dividends in 2021 to P0.48 per share or P5.19 billion. This was equivalent to 24.7 percent of the conglomerate’s 2020 attributable net income.