LT Group profit declines by 63% to P4B
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Published May 12, 2021, 6:00 AM
LT Group, Inc., the investment holding company of taipan Lucio Tan, reported a 4.5 percent improvement in attributable net income to P6.49 billion in the first quarter of 2021 from the P6.21 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said subsidiary Philippine National Bank (PNB) contributed P1.02 billion or 16 percent of total attributable net income.
The tobacco business accounted for P5.01 billion or 77 percent of total, Tanduay Distillers, Inc. (TDI) added P233 million or 4 percent, and Asia Brewery, Inc. (ABI) contributed P211 million or 3 percent.
Eton Properties Philippines, Inc. (Eton) accounted for P149 million or 2 percent, while the 30.9 percent stake in Victorias Milling Company, Inc. (VMC) added P66 million or 1 percent.