LT Group profit steady at P2.25 B

MANILA, Philippines -  LT Group Inc. (LTG), the holding company of taipan Lucio Tan, reported a income of P2.25 billion in the first quarter, the same level as last year.

Among its businesses include tobacco, through PMFTC, a partnership between Philip Morris and Fortune Tobacco Inc.; real estate through Eton Properties Philippines, beer and beverage through Asia Brewery, liquor through Tanduay Distillers, and banking through Philippine National Bank.

The tobacco business contributed P1 billion or 45 percent of total attributable income while the Philippine National Bank came second with P699 million or 31 percent.

Tanduay Distillers contributed P207 million or nine percent while Asia Brewery added P151 million or seven percent. Eton Properties provided P75 million or three percent.

The company’s equity in net earnings from its 30.17 percent stake in Victorias Milling Co. Inc. amounted to P116 million or five percent of the total.

The tobacco business generated an income of P1 billion, five percent higher year-on-year as PMFTC raised prices.

On the other hand, PNB reported a net income of P1.27 billion, down 51 percent from the year ago which included a P1.48 billion gain from the sale of Real and Other Properties Acquired (ROPA).

Asia Brewery’s net income fell 57 percent to P151 million.