LT Group hits record Jan-Sep profit at P22.57B
LT Group Inc. booked record earnings in the January to September period on the robust performance of its businesses, especially its banking unit.
The company said on Thursday its net attributable income rose by 14 percent to P22.57 billion. This was its “strongest nine-month and third-quarter performance since the company’s follow-on public offering” in 2013.
Philippine National Bank (PNB) continued to provide the biggest share in the group’s bottom line with P10.4 billion. It was followed by Fortune Tobacco Corp. (FTC) with P8.1 billion.
PNB’s profit during the first three quarters went up 23 percent to P18.51 billion from P15.06 billion.
Gross interest income also rose by 4 percent to P52.37 billion on stronger loan demand, interbank receivables and yields on investment securities.
FTC also recorded a modest gain at P8.16 billion, up 3 percent from P7.94 billion, as it outperformed the market with 16.4 billion sticks, paired with cigarette price hikes. It offered an alternative to traditional smoking products, such as heated tobacco products and oral nicotine pouches
Tanduay Distillers Inc., meanwhile, saw a sharp increase in earnings at P2.4 billion. This was a 59-percent surge from the P1.51 billion in the same period last year.
The strong financial results were on the back of higher liquor selling prices, which offset the dip in sales volume.
Asia Brewery also reported higher income at P737 million from P715 million. Popular energy drink brand Cobra, secured a 45-percent market share in the first nine months. The Absolute and Summit bottled water brands, on the other hand, had 15 percent.
