TYCOON Lucio Tan-led conglomerate LT Group Inc. chalked up a first quarter net profit of P2.2 billion, 40 percent higher year-on-year.
The tobacco business contributed P945 million or 42 percent of total income, LTG said in a press statement on Thursday. This was followed by Philippine National Bank (PNB) with P708 million or 32 percent of total. Asia Brewery, Inc. (ABI) added P350 million or 16 percent while Tanduay Distillers Inc. contributed P82 million or 4 percent.
Eton Properties contributed P62 million or 3 percent of total.
Equity in net earnings from its stake in sugar firm Victorias Milling Company Inc. provided P96 million or 4 percent of total. In February 2016, LTG purchased 131.86 million additional shares in VMC which increased its stake to 30.17 percent from 22.59 percent as of end-2015.