Lucio Tan’s business empire delivers rock solid performance across the board
The holding company of tycoon Lucio Tan reported a 34 percent surge in net income in the first nine months of the year, buoyed by solid gains in all its key business units.
In a stock exchange filing, LT Group Inc. said its net earnings jumped to P6.3 billion from P4.7 billion, mainly propelled by higher contributions from its tobacco and hard liquor businesses under Philip Morris Fortune Tobacco Corp. and Tanduay Distillers Inc.
The tobacco segment booked a P1.8 billion profit, more than twice the P525 million earned during the nine month period last year. The impressive performance was a result of the favourable change in the sales mix of the premium priced Marlboro brand.
Earnings of the liquor business doubled to P679 million with the start of contribution of bioethanol operations.
The beverage business under Asia Brewery Inc. likewise had a robust performance with its profit growing 29 percent to P895 million. Absolute and Summit water, Tanduay Ice, Vitamilk soymilk and commercial packaging continued to drive the growth in revenues.
The banking segment pumped in net earnings of P5.9 billion, up 12.4 percent year on year while the property business chalked up a 26.4 percent growth in income to P249 million.