LT Group says Q1 net income up 53% to P5.8B y-o-y

Listed LT Group Inc., the investment holding firm of beer and tobacco tycoon Lucio Tan, on Tuesday said its net income rose 53 percent to P5.8 billion in the first three months year-on-year.

 

Its banking and property segments boosted its earnings for the period, the company noted in a disclosure to the Philippine Stock Exchange.

 

Revenues improved by P2.2 billion to P17.7 billion as revenues coming from "banking, distilled spirits and property development" offset the revenue drop in the beverage and tobacco sectors."

 

Philippine National Bank reported its earnings jumped 105 percent to P3.7 billion, following a 22-percent increase in revenues to P10.3 billion and lower operating expenses. In February, PNB merged with Allied bank.

 

The new excise tax law implemented in January 2013 dented the earnings of Asia Brewery Inc. by 4.9 percent to P229 million.

 

Tanduay Distillers also saw its earnings dip to P6.9 million from P184.6 million "due to one-off items."

 

The tobacco segment's net income, on other hand, increased by 3.3 percent to P1.6 billion from P1.5 billion.

 

Eton Properties Philippines Inc. said its net income jumped to P127.5 million from P19 million. 

 

The LT group has recently completed a $914 million top-up share offering with mostly foreign investors participating the in share sale. — VS, GMA News