LT Group nets P15B


    LT Group Inc. grew profit in the first nine months of the year by 17 percent to P14.72 billion, from P12.57 billion a year ago.

    The company said Philippine National Bank (PNB) added P3.64 billion or 25 percent, the tobacco business accounted for P9.57 billion or 65 percent of total attributable income, Eton Properties Philippines Inc. contributed P626 million or 4 percent, Tanduay Distillers Inc. accounted for P509 million or 3 percent, Asia Brewery Inc. provided P254 million or 2 percent, while the 30.9 percent stake in Victorias Milling Company Inc. accounted for P148 million or 1 percent.

    PNB posted profits of P6.52 billion, down 15 percent from last year’s P7.63 billion, with the absence of large gains from the sale of real and other properties acquired.

    The tobacco business’ profit rose 40 percent to P9.61 billion from P6.86 billion last year, while equity in net earnings from LT Group’s 49.6 percent stake in Philip Morris Fortune Tobacco Corp. reached P9.37 billion, up from last year’s P6.67 billion.

    The realty business under Eton saw profit hit P629 million, double last year’s P314 million, while the profit of the alcohol business under Tanduay dropped 28 percent to P518 million from P722 million the year earlier.

    Asia Brewery’s bottom line fell 13 percent to P254 million from P291 million last year.