Banking boosts LTG earnings to nearly P15B
LT Group Inc. ended the first semester with a 17-percent jump in its bottom line to P14.97 billion on the strong performance of its businesses, particularly banking.
In a regulatory filing on Tuesday, the conglomerate led by taipan Lucio Tan said its revenues had increased by 4.4 percent to P63.81 billion.
Banking remained its main net income contributor at 47 percent, followed by tobacco at 36 percent.
Philippine National Bank grew its net income in the January to June period by 22 percent to P12.52 billion, representing its highest first-half profit to date.
This was due to higher loan demand, with net interest income growing by 7 percent to P25.77 billion.
Net service fees and commission income was up by 24 percent to P2.82 billion on higher returns from bancassurance, credit card, deposit and loan-related products.
Meanwhile, trading and investment securities and net foreign exchange gains ballooned by 64 percent to P1.44 billion due to higher transaction gains and trading profits.
Fortune Tobacco Corp. logged a 12-percent rise in earnings to P5.46 billion on higher gains from PMFTC Inc.
According to LTG, PMFTC’s shipment volume rose by 4.9 percent to 11.1 billion sticks, outpacing the industry’s 4-percent growth rate.
Tanduay Distillers Inc. also booked its highest first-half earnings to date at P1.36 billion, a 91-percent surge because of higher selling prices in the liquor segment.
Revenues ended at P15.25 billion, up by 4 percent.
Asia Brewery Inc. logged slightly lower earnings at P491 million, down 3.5 percent, because of lower sales volume at Cobra Energy Drinks and Vitamilk.
Real estate under Eton Properties Philippines Inc. saw a 7.6-percent rise in its bottom line to P352 million due to higher marketing fees and other income earned.
The developer’s leasing portfolio covers 270,300 square meters (sq m), of which 192,000 sq m are dedicated to office space.
