LT Group profit climbs to ₱14.7 billion » Manila Bulletin Business

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LT Group profit climbs to ₱14.7 billion

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By James A. Loyola

LT Group, Inc. (LTG) reported a 17 percent growth in unaudited attributable net income for the first nine months of 2019 to ₱14.72 billion from the ₱12.57 billion reported for the same period last year.

The firm said Philippine National Bank (PNB) added ₱3.64 billion or 25 percent of net income while the tobacco business accounted for ₱9.57 billion or 65 percent of total attributable income.

Eton Properties Philippines, Inc. (Eton) contributed ₱626 million or 4 percent, Tanduay Distillers, Inc. (TDI) accounted for ₱509 million or 3 percent while Asia Brewery, Inc. (ABI) provided ₱254 million or 2 percent.

The firm’s 30.9 percent stake in Victorias Milling Company, Inc. (VMC) accounted for ₱148 million or 1 percent. PNB’s net income under the pooling method was ₱6.52 billion for the first nine months of 2019, 15 percent lower than the ₱7.63 billion earned in the previous year with the absence of large gains from the sale of Real and Other Properties Acquired (ROPA).

Excluding the ROPA gains, the Bank’s core income was at ₱6.21 billion in the first nine months of 2019, 33 percent higher compared to the ₱4.65 billion in the same period last year.

LTG’s tobacco business reported a net income of ₱9.61 billion for the period January to September 2019, 40 percent more than the ₱6.86 billion reported in the same period last year.

Eton’s net income for the first nine months of 2019 doubled to P629 million while total revenues were 29 percent higher with higher real estate sales and leasing revenues.

TDI’s net income for for the first nine months of 2019 was 28 percent lower at P518 million while ABI’s earnings decline 13 percent to P254 million.

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