LT Group, Inc. reported a 9.0 percent growth in attributable net income for the first nine months of 2020 to P16.10 billion from the P14.72 billion reported for the same period last year.
In a disclosure to the Philippine Stock Exchange, Philippine National Bank (PNB) contributed P2.24 billion or 14 percent of total attributable income while the tobacco business accounted for P12.12 billion or 75 percent.
Tanduay Distillers, Inc. (TDI) added P1.09 billion or 7 percent, Eton Properties Philippines, Inc. (Eton) accounted for P630 million, Asia Brewery, Inc. (ABI) contributed P4 million or less than 1 percent.
The firm’s 30.9 percent stake in Victorias Milling Company, Inc. (VMC) accounted for P148 million, also less than 1 percent.
PNB’s net income under the pooling method was P4.00 billion for the first nine months of 2020, 39 percent lower than the same period in 2019 due to the P9.03 billion provision for credit losses that the bank booked.
The tobacco industry’s volume is estimated to have declined by 11 percent in the first nine months of 2020 due to the end-Aug 2019 price increase, coupled with the impact of the various quarantine restrictions nationwide.
PMFTC’s volume was 14 percent lower compared to last year as it noted that illicit activities have also been on the rise.
The tobacco business had a net income of P12.17 billion for the first nine months of 2020, 27 percent more than in the same period last year.
TDI’s net income for the first nine months of 2020 was P1.09 billion, 110 percent higher than the P518 million in the same period last year due to the higher volume of liquor sales and a 36 percent decrease in selling and marketing expenses from P1.14 billion to P725 million.
Eton’s net income for the first nine months was at P633 million, 1 percent higher than the P629 million reported for the same period in 2019 due to the increase in rental income.
ABI’s net income for the first nine months of 2020 was P4 million, 98 percent lower than last year due to lower volumes across all products because of the quarantine measures.