Business Headlines

LT Group profits surge 50% to P6.6B

The flagship firm of Bilyonaryo Lucio Tan jumped 50 percent amid strong contributions from the group?s banking, tobacco, liquor, and real estate businesses.

The flagship firm of Bilyonaryo Lucio Tan jumped 50 percent amid strong contributions from the group?s banking, tobacco, liquor, and real estate businesses.

The LT Group Inc. (LTG) reported an unaudited attributable net income of P6.6 billion last year or P2.2 billion higher compared with P4.4 billion in 2014.

Tan?s Philippine National Bank (PNB) contributed P3.51 billion or 53 percent of the total income followed by Asia Brewery Inc. with P1.1 billion or 17 percent.

The group?s tobacco business through Philip Morris Fortune Tobacco Corp. (PMFTC) chipped in P1.04 billion or 16 percent of the total followed by Tanduay Distillers Inc. with P422 million, Eton Properties Philippines with P312 million, and Victorias Milling Corp. with P214 million.

LTG?s balance sheet remains strong, with the parent company?s cash balance at P2.6 billion as of the end of 2015.

PNB?s net income grew 15 percent to P6.8 billion last year from P5.9 billion in 2014 amid 34 percent plunge in trading and foreign exchange gains.

On the other hand, Asia Brewery?s income slipped two percent to P1.1 billion amid the intense competition in the beverage market resulting to lower volumes and margins.

Earnings of PMFTC surged to P1.04 billion last year from P148 million in 2014 amid some improvement in the business despite the illicit cigarette trade.

It liquor arm through Tanduay booked a net income of P422 million, significantly higher than the P101 million reported in 2014.

Profits of Eton jumped 161 percent to P313 million from P120 million due to the nine percent increase in revenues.

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