LTG’s first half net profit up 65% to P3.6B

TYCOON Lucio Tan-led LT Group Inc. (LTG) reported a 65-percent growth in six-month net profit to P3.57 billion on higher earnings from banking, hard liquor and property businesses.

On the other hand, the tobacco business continued to be affected by “illicit trade” in cigarettes, LTG said in a press statement on Friday. Equity in net earnings from the 49.6 percent stake in Philip Morris Fortune Tobacco Corp. amounted to P420 million, lower than the P687 million equity in net earnings in the same period last year.

Banking arm Philippine National Bank accounted for 60 percent of LTG’s earnings. The bank’s net profit in the first six months grew by 32 percent year-on-year to P4.1 billion.

Beer unit Asia Brewery Inc. (ABI) contributed P523 million or 15 percent of total attributable earnings.

Hard liquor arm Tanduay Distillers Inc. accounted for P179 million or 5 percent of earnings, while Eton Properties contributed P113 million or 3 percent.

Equity in net earnings from the 20.17 percent stake in sugar firm Victorias Milling Corp. provided P172 million or 5 percent of total.