LT Group’s 6-month bottom line hits P9.24B

Conglomerate LT Group Inc. grew its attributable net profit in the first semester by 3 percent year-on-year to P9.24 billion on higher earnings from its tobacco, real estate and beer businesses.

The tobacco business accounted for 63 percent of total earnings. PMFTC netted P5.87 billion in the first six months, up 20 percent from a year ago.
Equity in net earnings from LTG’s 49.6- percent stake in PMFTC reached P5.65 billion.

Banking arm Philippine National bank contributed 24 percent of LTG’s total income. Its net income for the first semester, however, declined to P3.9 billion from P5.4 billion a year ago, which included a one-time gain from the sale of foreclosed assets.

Tanduay Distillers Inc. (TDI) accounted for P373 million, while Eton Properties Philippines Inc. (Eton) added P370 million, or 4 percent each of LTG’s total earnings. Asia Brewery Inc. (ABI) provided P244 million or 3 percent while the 30.9 percent stake in Victorias Milling Co. Inc. (VMC) accounted for P148 million or 2 percent.

TDI’s net income for the first half hit P380 million, down 13 percent from a year ago due to higher operating expenses.

Eton, on the other hand, grew its six-month net profit by 75 percent year-on-year to P371 million as revenues rose by 15 percent year-on-year with the increase in residential unit sales, the addition of retail space and lease renewals at higher rates.