LT Group income up 9% in 9 months
MANILA, Philippines — LT Group Inc. (LTG), the holding company of taipan Lucio Tan, grew its nine-month net income by nine percent to P6.83 billion, driven by its tobacco business.
The tobacco business accounted for 42 percent or P2.87 billion of total attributable income followed by the Philippine National Bank (PNB) with P2.59 billion or 38 percent of the total pie while Asia Brewery Inc. (ABI) contributed P455 million or seven percent.
Tanduay Distillers Inc., meanwhile, added P438 million or six percent while Eton Properties Philippines Inc. accounted for four percent at P246 million.
The conglomerate’s 30.9 percent stake in Victorias Milling Co. Inc. likewise provided four percent or P246 million of total earnings.
LTG’s tobacco business under PMFTC reported a net income of P2.88 billion, up 60 percent year on year.
“The higher earnings were mainly attributed to improved pricing and better sales mix. In November 2016, PMFTC raised the price of Marlboro for the first time since January 2013, with the recommended retail price per stick at P3.50 from P3,” LTG said.
On the other hand, PNB’s net income fell 22 percent to P4.64 billion due to lower gains from the sale of real and other properties acquired (ROPA).
Asia Brewery Inc. (likewise posted a 49 percent drop in income to P455 million, primarily due to higher spending on new products.
Tanduay Distiller’s net income was P438 million, 35 percent lower than the previous year even as liquor revenues rose 22 percent to P10.91 billion.
Revenues from ethanol declined 24 percent to P1.44 billion, with a similar drop in sales volume.
The property business, through Eton, also posted lower income at P246 million as revenues dropped 25 percent to P1.66 billion.