LT Group consolidated net profit up 31 percent in 2011

LT Group Inc., the main holding firm of tobacco and beer magnate Lucio Tan, reported a consolidated net income of P8.74 billion last year, up 31 percent from P6.67 billion in 2011.

In a disclosure to the Philippine Stock Exchange on Tuesday, the company said total revenues reached P30.57 billion, lower than the P32.69 billion recorded the previous year.

As of end-December last year, LTG had total assets of P97.6 billion or an increase of 30.48 percent from P74.8 billion a year earlier.

Liabilities, on the other hand, totaled P45 billion, up from P34.86 billion.

The financial results include those of subsidiaries Tanduay Distillers Inc. units (100-percent owned), Fortune Tobacco Corp. (82.3 percent), Asia Brewery and units (99.9 percent), Eton Properties Philippines and subsidiaries (99.3 percent).

The group's financial statements for 2011 and 2010 have been restated to reflect the consolidation of new subsidiaries into the mother company.

As of end-February this year, the group registered a 36- percent indirect equity interest in Philippine National Bank (PNB), of which 22 percent were purchased directly and the balance were subscriptions to the increase in capital stock of various companies.

LT Group is now in the process of getting the regulatory approvals to increase its stake in PNB up to the maximum allowable limit of 60 percent. Likewise, as of end-Feb, the group increased its stake in Fortune Tobacco to 99.58 percent.

The consolidation of Tan’s tobacco, brewery, real estate and banking businesses under the group allows the mother company to leverage emerging opportunities in different sectors and further enhance shareholder value, the company noted.