LT Group boosts income 40% to P2.2 B

LT Group Inc. (LTG), the conglomerate of tycoon Lucio Tan, reported a first quarter net income of P2.2 billion, 40 percent higher than the P1.6 billion recorded a year ago, with all its business segments contributing to growth.

By business segment, the group’s tobacco business reported a net income of P949 million during the period compared to the P411 million booked a year ago.

Equity in net earnings from LTG’s 49.6 percent stake in PMFTC reached P913 million, 120 percent more than last year P415 million as the company sees improvement in the fight against illicit trade of cigarettes.

However, the problem remains and continues to affect the overall profitability of the cigarette business.

For the banking business, Philippine National Bank ( PNB) reported a P2.6 billion first quarter net income which is higher by 85 percent compared to the P1.4 billion reported a year ago as net interest income rose 13 percent to P4.6 billion, while net service fees and commission income increased 18 percent to P846 million.

Asia Brewery Inc. (ABI), the beverage business likewise recorded an increase in net income of 16 percent to P350 million during the quarter from P301 million a year ago.

Its Cobra energy drink, Absolute and Summit water, Tanduay Ice alcopop and Vitamilk soymilk continue to be market leaders and all recorded higher volumes during the quarter due to election-related spending and the exceptionally hot summer.

Tanduay Distillers Inc. (TDI), meanwhile, reported an unaudited first quarter net income of P82 million, a nine percent growth over the P75 million reported in the same period last year.

For the property business, Eton Properties Philippines Inc. (Eton) earnings in the first quarter amounted to P62 million or 22 percent higher year-on-year.

“Revenues slightly increased by two percent as higher leasing revenues offset the drop in revenues from real estate sales.