LT Group profit up 50% to B

LT Group, Inc. (LTG), the flagship of taipan Lucio Tan, reported a 49.5 percent jump in attributable net income to R16.19 billion last year from the R10.83 billion earned in 2017 due to strong growth in most of its businesses.

In a disclosure to the Philippine Stock Exchange, LTG said Philippine National Bank contributed R5.47 billion or 33 percent of total while the tobacco business accounted for R8.72 billion or 54 percent.

Tanduay Distillers, Inc. (TDI) added R890 million or 5 percent, Eton Properties Philippines, Inc. (Eton) contributed R479 million while Asia Brewery, Inc. (ABI) provided R 421 million, each accounting for 3 percent of total.

LTG’s 30.9 percent stake in Victorias Milling Company, Inc. (VMC) added R247 million, or 2 percent of total.

PNB’s net income was R9.78 billion for 2018, 14 percent higher than 2017’s R8.56 billion, boosted by the sale of Real and Other Properties Acquired (ROPA), at R3.85 billion, net of taxes, compared to the Php2.71 billion booked in 2017.

Fortune Tobacco Corporation, which is the holding company for LTG’s stake in PMFTC, reported an income of R8.75 billion for 2018.

“PMFTC’s profitability has thus returned to the 2012 level prior to the substantial increase in excise taxes and the massive proliferation of the illicit trade,” said LTG.

TDI’s net income for 2018 amounted to R909million, 44 percent more than the R631 million reported for 2017. Its nationwide market share for distilled spirits was at 27.3 percent as of December 2018, higher than end-2017’s 24.8 percent.

Eton Properties ended the year with a net income of R479 million, 38 percent higher than the R348 million recorded in 2017.

Revenues were 43 percent higher y-o-y to Php3.20 billion from R2.23 billion as both leasing revenues and sales of residential units increased.

ABI’s earnings for 2018 was at R421 million, 24 percent lower than the R552 million reported for 2017 despite a 9 percent growth in revenues.