LT Group Q1 profit rises 22% to P4.42B
Tycoon Lucio Tan-led conglomerate LT Group Inc. (LTG) grew its net profit in the first quarter by 22 percent year-on-year to P4.42 billion, driven by higher earnings from its banking, tobacco, hard liquor and property businesses.
The tobacco business under PMFTC Inc. accounted for P2.84 billion, or 64 percent of the total bottom line, while Philippine National Bank (PNB) contributed P1.08 billion, or 24 percent.
Tanduay Distillers Inc. (TDI) added P229 million, or 5 percent, while Eton Properties Philippines Inc. accounted for P148 million, or 3 percent.
Asia Brewery Inc. (ABI) provided P82 million, or 2 percent of total, while the conglomerate’s 30.9 percent stake in Victorias Milling Company Inc. contributed P75 million, or 2 percent.
The tobacco business grew net profit by 21 percent year-on-year in the first quarter to P2.84 billion. Equity in net earnings from LTG’s 49.6 percent stake in PMFTC reached P2.69 billion, 18 percent higher than the previous year.
On the banking business, it was earlier reported that PNB’s income rose 30 percent in the first quarter to P1.9 billion.
TDI’s net income for the first quarter reached P234 million, 73 percent up year-on-year. Its market share for distilled spirits was at 28.1 percent as of March 2019, higher than 26.1 percent in the previous year.
Eton chalked up a net income of P149 million, 54 percent higher than the previous year.
Meanwhile, ABI’s net income for the quarter fell by 45 percent year-on-year to P82 million largely due to higher packaging costs and advertising expenses.
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