LT Group’s net pro t surges 40% to R2.2B
LT Group, Inc. (LTG) reported that its unaudited attributable net income for first quarter 2016 surged 40 percent to R2.2 billion from the R1.6 billion generated during the same period last year.
In a disclosure to the Philippine Stock Exchange, LTG said its tobacco business contributed R945 million or 42 percent of total income. This was followed by Philippine National Bank (PNB) with R708 million (32 percent of total).
Asia Brewery, Inc. (ABI) added R350 million (16 percent of total), followed by Tanduay Distillers, Inc. (TDI) at R82 million (4 percent of total), while Eton contributed R62 million (3 percent of total).
Equity in net earnings from its stake in Victorias Milling Company, Inc. (VMC) provided R96 million or 4 percent of total. In February 2016, LTG purchased 131.86 million additional shares in VMC which increased its stake to 30.17 percent, from 22.59 percent as of end-2015.
The tobacco business reported a net income of R949 million for the first quarter of 2016, significantly higher than the R411 million generated in the same period last year.
Equity in net earnings from LTG’s 49.6 percent stake in PMFTC reached R913 million, 120 percent more than last year’s R415 million. While the company sees some improvement, illicit trade continues to affect the overall profitability of the cigarette business.
PNB’s income reached R2.6 billion, 85 percent more than the R1.4 billion reported for the first quarter of 2015 as Net Interest Income was 13 percent higher at R4.6 billion, while Net Service Fees and Commission Income increased by 18 percent to R846 million.
ABI’s income for the first three months of 2016 amounted to R350 million, 16 percent higher yearon-year (y-o-y) from R301 million while TDI’s unaudited net income for January to March 2016 reached R82 million, a 9 percent growth over the R75 million reported in the same period last year.
Eton’s earnings amounted to R62 million, 22 percent higher y-o-y from R51 million last year.
Revenues slightly increased by 2 percent as higher leasing revenues offset the drop in revenues from real estate sales. Eton will add a fifth BPO office tower at Eton Centris in Quezon City to increase its leasing portfolio.