LT Group Inc. (LTG), the listed holding company of tycoon Lucio Tan, said Tuesday it earned a net income of P17.46 billion in the first half of 2024, or nearly flat from P17.43 billion recorded in the same period last year.
The LT Group said in a financial report to the Philippine Stock Exchange its first-half net income attributable to equity holders amounted to P12.8 billion, slightly lower than P13 billion a year ago.
It said the slight decline was due to lower profit of the tobacco business which was offset by the improvements across other segments.
Consolidated revenues grew 13.2 percent to P61.1 billion in the six-month period on improved revenues from the banking, distillery, beverage and property development segments.
Cost of sales and services increased 18.6 percent to P29.50 billion in the first half of the year.
Net income of the tobacco segment dropped 16.4 percent to P4.89 billion on lower sales volume which resulted in a decline in equitized earnings from PMFTC Inc.
“The overall industry volume continues to be affected by the increasing incidence of illicit trade in the country,” LT Group said.
The banking segment’s net income of P10.29 billion went up by 5.4 percent from the same period last year, mainly due to higher net interest income. This resulted in LTG’s share in net income from PNB of P5.77 billion.
Net income of the distilled spirits segment amounted to P712 million in the first half, or 14 percent higher than P626 million reported in the same period last year.
Net income from the beverage segment jumped almost 50 percent to P509 million on higher sales volume in its major product lines.
Property development segment’s net income rose 59 percent to P327 million, boosted by higher residential sales.
Equity in net earnings from Victorias Milling Co. amounted to P277 million.
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