LT Group Inc. (LTG), the investment arm of taipan Lucio Tan, said its attributable net income for the first half of 2024 remained almost flat at P12.80 billion from P13 billion in 2023 as a majority of its subsidiaries posted higher profits during the period.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said Philippine National Bank’s contribution improved by 4.5 percent to P5.77 billion or 45 percent of total. The tobacco business added P4.87 billion or 38 percent.
The contribution of Tanduay Distillers Inc. rose 14.3 percent to P712 million or six percent while Asia Brewery boosted contributions by 49 percent to P508 million or four percent.
Profit contribution of Eton Properties Philippines Inc. jumped 59 percent to P326 million or two percent while and Victorias Milling Company accounted for P277 million or two percent. Other Income surged 65 percent to P336 million of total or three percent.
A special cash dividend of P0.30 per share or a total of P3.25 billion was declared in May and paid on June 14. Together with the dividends declared in March, dividends year-to-date amounted to P0.60 per share or P6.49 billion, representing a 25.5 percent pay-out rate.
For the first six months of 2024, PNB’s net profit under the pooling method was P10.29 billion, five percent higher than the P9.76 billion reported for the same period in 2023.
LTG’s tobacco business reported a net profit of P4.89 billion for the first half of 2024, lower than the P5.85 billion reported for the same period last year.
Most of the tobacco business’ income is from equity in net earnings from the 49.6 percent stake in PMFTC. This amounted to P4.43 billion in the first half of 2024, compared to P5.68 billion last year.
Tanduay’s net income for the first half of 2024 was P712 million, 14 percent higher than the P626 million in 2023 as both the volume of liquor and bioethanol were higher year-on-year (YoY) at seven percent and 14 percent, respectively.
Due to TDI’s higher selling prices, revenues were higher by 15 percent YoY to P14.63 billion. TDI’s nationwide market share for distilled spirits was at 31.5 percent, compared to 32.1 percent as of June 2023.
Asia Brewery’s net profit for the first half of 2024 was P509 million, 49 percent higher than the P340 million reported for the same period last year. Revenues were 12 percent higher at P9.40 billion from P8.41 billion as sales volume across product lines were higher.
Eton’s net income for the first half of 2024 amounted to P327 million, 59 percent higher than last year’s P206 million primarily due to higher other income at P342 million from P172 million.
Leasing revenues improved three percent to P1.01 billion due mainly on higher occupancy rates and lease rates. Eton booked P105 million in residential sales as the Company resumed selling remaining inventory of projects in Quezon City and Laguna.