AT P9.39B, LT GROUP'S NET INCOME UP 42%, MUCH OF IT FROM BANKING

Lucio Tan’s LT Group, Inc. disclosed last Friday that its audited attributable net income for 2016 reached P9.39 billion, a 42 percent increase over the P6 billion reported for 2015. The Philippine National Bank (PNB) accounted for P3.42 billion or 36 percent of the holding company’s income. Its tobacco business contributed P2.58 billion or 27 percent, followed by Asia Brewery, Inc. at P1.75 billion or 19 percent. Tanduay Distillers, Inc. added P908 million or 10 percent, and its property arm Eton generated P388 million or four percent. Last March 14, 2017, the Board of Directors approved a cash dividend of P0.18 per share, or a total of P1.95 billion, equivalent to a 20.7 percent pay-out rate on 2016’s attributable net income.