LT Group nearly doubles profit to P9B
Tycoon Lucio Tan?s listed holding investment arm LT Group Inc. saw its first half profit grow by almost two-fold to P8.96 billion, buoyed by gains from the sale of Philippine National Bank?s real estate assets and higher contributions from its tobacco unit.
The tobacco business under Philip Morris Fortune Tobacco Corp. chipped in P4.86 billion or 54 percent of LTG?s groupwide earnings. This was followed by PNB which pumped in P3.08 billion or 35 percent, Tanduay Distillers Inc. (P437 million or 5 percent), Asia Brewery (P218 million) and Eton Properties Philippines (P212 million).
Tan?s invgestment in Victorias Milling Co. added P115 million or one percent of the total.
LTG said earnings from the tobacco business is normalizing as the government?s efforts to curb the illicit trade allowed PMFTC to operate in a level playing field.
ABI reported a 46 percent plunge in net profit to P218 million due to tax on sugary drinks.