LT Group profits surge 41% to ₱6.2 B

Published May 15, 2020, 12:00 AM

by manilabulletin_admin

By James A. Loyola

LT Group, Inc. reported a 41 percent jump in attributable net income to ₱6.21 billion for the first quarter of 2020 from the ₱4.42 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said Philippine National Bank (PNB) contributed ₱761 million or 12 percent of total attributable income.

The tobacco business accounted for ₱4.99 billion or 80 percent, Tanduay Distillers, Inc. (TDI) accounted for ₱199 million or 3 percent, while Eton Proper¬ties Philippines, Inc. (Eton) added ₱168 million or 3 percent. Asia Brewery, Inc. (ABI) accounted for ₱74 million or 1.0 percent while its 30.9 percent stake in Victorias Milling Company, Inc. (VMC) contributed ₱91 million or 1 percent.

PNB’s net income under the pooling method was ₱1.37 billion for the first quarter of 2020, 30 percent lower than the ₱1.95 billion in the same period last year due to the ₱3.36 provisions for credit losses that the bank booked in preparation to the economic downturn because of the ongoing COVID-19 pandemic.

LTG’s tobacco business reported a net income of ₱5 billion for the first three months of 2020, 76 percent more than the ₱2.85 billion reported in the same period last year.

 
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