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LT Group earnings plunge 61% to P1.6B.

LT Group, Inc. (LTG), a holding company controlled by Lucio Tan, reported a 61 percent drop in attributable net income to P1.61 billion in the first quarter of 2014 from the P4.14 billion earned in the same period last year, "amidst a challenging environment."

In a disclosure to the Philippine Stock Exchange, the firm said Philippine National Bank (PNB) contributed P748 million or 46 percent of total attributable net income, followed by the tobacco business at P576 million or 36 percent of total.

Asia Brewery, Inc. (ABI) accounted for P263 million or 16 percent, while Eton Properties added P29 million. Tanduay Distillers, Inc. (TDI) realized a loss of P11 million while other income accounted for the balance of P8 million.

PNB reported a profit of P1.35 billion, 65 percent lower than the P3.85 billion in the first quarter last year due to lower trading gains this year. In the first quarter of 2013, PNB booked P4.7bn in trading gains, substantially higher than the P582 million realized in this year.

LTG's income from the tobacco business amounted to P576 million, 63 percent lower than the P1.56 billion reported in the first quarter of 2013.

Its equity in net earnings from its 49.6 percent stake in Philip Morris Fortune Tobacco Corporation fell 69 percent to P480 million from 1.57 billion. "PMFTC continues to be adversely affected by the illicit trade in cigarettes," LTG said.

ABI's net income rose 15 percent to P263 million from the P229 million earned in the first quarter last year as its products other than beer continue to be market leaders.

Eton reported a net income of P29 millio, 74 percent lower than the P109 million in the same period last year. Residential revenues were lower partly because the construction of One Centris Place and First Homes Makati were put on hold to give way to design improvements and enhancements.

Tanduay Distillers, Inc. (TDI) posted higher volumes but the higher cost of raw materials and higher selling and marketing expenses resulted a loss of P11 million. (James Loyola)


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Title Annotation:Business News
Publication:Manila Bulletin
Date:May 16, 2014
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