LT Group Inc. recorded profit of P9.95 billion in the first nine months of 2021 down 38 percent from P16.10 billion last year.
Revenues hit P37.07 billion, down 11.08 percent from P41.69 billion last year.
“The 3- percent decline is mainly due to the higher provisioning for credit losses booked by its banking subsidiary (Philippine National Bank or PNB) ) and the elimination of the gain from the transfer of real estate assets at the consolidated level,” the company said.
The group said its tobacco business accounted for P13.27 billion of profit; Tanduay Distillers Inc. added P998 million; Asia Brewery Inc. contributed P411 million; Eton Properties Philippines Inc. accounted for P366 million; and Victorias Milling Company Inc. (VMC) added P169 million.
PNB posted a P5.20 billion loss at the consolidated LT Group level after eliminating the gain of P33.60 billion from the transfer of some properties into PNB Holdings Corp.
LT Group said that on its own, PNB posted a profit of P24.43 billion, inclusive of the P 33.60 billion gain. – Ruelle Castro
