LT Group swings to profit, earns P8.9B

LT Group, Inc. (LTG) posted an attributable net income of P8.87 billion in the second quarter, reversing last year’s net loss of P2.76 billion, as its topline increased by 7.3% to P23.65 billion.

In the first half, its net income attributable to parent firm equity holders rose to P15.4 billion, more than four times last year’s P3.73-billion income.

Revenues rose to P45.76 billion in the first six months, a 3.7% increase from the previous year’s P44.14 billion.

Banking unit Philippine National Bank reported a net income of P11.15 billion during the semester, 50% lower than P22.2 billion a year ago.

Its tobacco segment reported a 14% decline in net income to P7.77 billion from P9.01 billion reported last year.

Tanduay Distiller, Inc. registered a P564 million net profit during the six-month period, 7% lower than the P605 million last year, after incurring higher costs due to a rise in the prices of alcohol and fuel.

Asia Brewery, Inc.’s income was also lower at P294 million, down 14% from last year’s P343 million.

Eton Properties Philippines, Inc. reported a net profit amounting to P258 million, also a decline from last year’s P288 million by 10%.

The company said that “LTG’s balance sheet remains strong” by having a debt-to-equity ratio of 3.68:1 with the bank, and 0.14:1 without the bank at the end of the quarter.

On the stock market on Friday, shares in LTG climbed by 2.4% or 21 centavos to P8.95 apiece. — Justine Irish DP. Tabile