LT Group profit swells 33% to P6.25B

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LUCIO Tan-led conglomerate LT Group Inc. said its net income in the first nine months of the year expanded 33 percent from a year ago to P6.25 billion on strong growth across its business segments.

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The company said 41 percent of the income came from banking unit Philippine National Bank (PNB), followed by tobacco business under PMFTC Inc. (29 percent), beverage business under Asia Brewery Inc. (ABI) (14 percent), liquor vehicle Tanduay Distillers Inc. (TDI) (11 percent), and property arm Eton Properties Philippines Inc. (4 percent).

Equity share from listed sugar miller Victorias Milling Company Inc. contributed 2 percent or P96 million to LT Group’s net income.

PNB’s nine-month net income rose 12 percent to P5.91 billion while PMFTC more than tripled its net income to P1.8 billion driven by a change in the mix of sales, with premium brand Marlboro accounting for a higher share of total volume.

ABI’s earnings climbed 29 percent to P895 million led by strong sales of beverage brands Cobra energy drink, Tanduay Ice alcopop and Vitamilk soymilk, and bottled water products Absolute and Summit.

TDI doubled profits to P679 million as its bioethanol business started contributing to income amid flat liquor sales volume.

Property vehicle Eton reported a 26 percent rise in net income to P249 million on higher leasing revenues and rates for its business process outsourcing (BPO) offices.

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