LUCIO Tan-led conglomerate LT Group Inc. on Friday said profit for the first nine months of 2017 hit P6.83 billion, up 9 percent versus the P6.25 billion posted last year, propelled mainly by the strong growth of its tobacco business.
It said 42 percent of the net income was contributed by its tobacco business under PMFTC Inc., followed by Philippine National Bank (PNB) (38 percent), Asia Brewery, Inc. (ABI) (7 percent), and Tanduay Distillers, Inc. (TDI) (6 percent).
Listed sugar miller Victorias Milling Company Inc. and Eton properties, Inc. each contributed 4 percent or P246 million LT Group’s net income.
Tobacco business income hit P2.88 billion in the period, 60 percent higher than the recorded P1.80 billion in 2016 on the back of higher cigarette pricing.
PNB’s profit was down by 22 percent at P4.64 billion from P5.91 billion last year on lower gains from the sale of real and other properties acquired, it said.
Asia Brewery’s earnings also decreased by 49 percent to P455 million due to higher spending on new products.
Tanduay Distillers saw net income decrease 35 percent to P438 million, although liquor revenues improved by 22 percent to P10.91 billion.
Eton recorded profit of P246 million for the first nine months, down slightly from the P249 million posted in 2016. Revenues were also down 25 percent at P1.66 billion on lower sales.