LTG profit rises 9% to P16B

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    LT Group Inc.’s profit in the first nine months of the year rose 9 percent to P16.1 billion from P14.72 billion a year ago.

    The company said Philippine National Bank (PNB) contributed P2.24 billion or 14 percent of total attributable income; the tobacco business, P12.12 billion or 75 percent: Tanduay Distillers Inc., P1.09 billion or 7 percent; Eton Properties Philippines Inc., P630 million; Asia Brewery Inc. (ABI), P4 million or less than 1 percent; and its 30.9 percent stake in Victorias Milling Company Inc. accounted for P148 million or less than 1 percent.

    PNB posted a profit of P4 billion, down 39 percent from last year due to the P9.03 billion provision for credit losses it booked for the period, up from P1.43 billion last year. The tobacco business under Philip Morris Fortune Tobacco Corp. made P12.17 billion, up 27 percent, attributed to the higher share of premium Marlboro as customers shift from mid-priced Fortune and the price increases implemented in late August 2019 to pass on higher excise taxes.

    The alcohol business under Tanduay saw profit surge 110 percent to P1.09 billion on higher volume of liquor sales and a 36 percent decrease in selling and marketing expenses at P725 million from P1.14 billion.

    Eton’s profit grew 1 percent to P633 million from P629 million in 2019 due to the increase in rental income. ABI’s profit dropped 98 percent to P4 million owing to lower volumes across all products as the enhanced community quarantine affected sales in sari-sari and convenience stores as well as in supermarkets.