LT Group’s net income in 1st half flat at P4.53b
LT Group Inc., the listed holding company of the business tycoon Lucio Tan, said net income in the first half of the year stood virtually flat at P4.53 billion from P4.56 billion year-on-year, as the strong performance of its property and tobacco businesses was tempered by the decline of its beer and banking units.
LT Group said in a disclosure to the stock exchange the tobacco business contributed 41 percent or P1.85 billion to the total attributable income, followed by Philippine National Bank at P1.52 billion or 34 percent.
Asia Brewery Inc. added P401 million, contributing nine percent to the total, while Tanduay Distillers Inc. accounted for P339 million or seven percent.
Eton Properties Philippines Inc. added P174 million while equity in net earnings from LT Group’s 30.9 percent stake in Victorias Milling Company Inc. reached P246 million.
The tobacco business posted a 28-percent increase in first half net income to P1.86 billion from P405 million on year on higher selling prices.
Philip Morris Fortune Tobacco Corp. raised the price of Marlboro cigarettes for the first time since January 2013, with a recommended retail price per stick of P3.50 from P3.00.
PNB’s net income reached P2.75 billion in the first six months of the year, down 38 percent from P4.42 billion a year ago that included a P1.48-billion gain from the sale of real and other properties acquired.
Tanduay Distillers reported a decline in the company’s bottom-line to P339 million. While volume sales increased 22 percent year-on-year, sales of ethanol dropped 30 percent as margins contracted due to lower selling prices and higher alcohol costs.
Asia Brewery registered a 44-percent decline in profit in the first half of the year to P401 million on higher operating expenses and increased competition.