LT Group nets P12.8B in H1 2024

Tycoon Lucio Tan’s conglomerate LT Group Inc. (LTG) posted a P12.8-billion profit in the first half of 2024 on the back of strong contributions across its banking, distillery, and property businesses.

In a disclosure to the Philippine Stock Exchange, LTG reported consolidated revenues of P61.13 billion, up 13.2% from P54.01 billion year-on-year.

The company attributed its top line growth to improved revenues from banking, distilled, beverage, and property development segments.

In particular, LTG said the Philippine National Bank’s contribution to the company’s bottom line improved by 4.5% to P5.77 billion or 45% of total.

Its tobacco segment accounted for 38% with a net income of P4.89 billion, albeit lower year-on-year due to decrease in earnings from PMFTC on the back of lower sales volume.

Meanwhile, the  contribution of Tanduay Distillers Inc. grew 14.3% to P712 million or 6%, while Asia Brewery upped its contributions by 49% to P508 million or 4% of the total.

Contribution from Eton Properties Philippines Inc. rose 59% to P326 million or 2% of the total, while and Victorias Milling Company accounted for P277 million or 2%.

Other income surged 65% to P336 million of total or 3%.

LTG’s consolidated total assets as of end-June 2024 stood at P1.37 trillion, up 3.4% from P1.33 trillion a year earlier. — Ted Cordero/RSJ, GMA Integrated News