Business News

LT Group profit increases in 2018

LT GROUP, Inc. (LTG) grew its attributable revenue by 49% in 2018, as the upper efficiency of its banking, spirits, and property models offset the weaker yr for its tobacco and beverage companies.

In a press release issued Monday, the holding agency of tycoon Lucio C. Tan, Sr. mentioned internet revenue attributable to the guardian reached P16.19 billion final yr, in comparison with P10.83 billion posted in 2017. Revenues additionally went up by 19% to P75.56 billion.

Fortune Tobacco Corp., the holding agency for LTG’s stake in PMFTC, Inc., accounted for 54% of its revenue at P8.72 billion. The corporate famous that volumes within the business have been declining for the reason that authorities raised excise taxes on cigarettes.

“PMFTC’s profitability has thus returned to the 2012 degree previous to the substantial improve in excise taxes and the huge proliferation of the illicit commerce,” LTG mentioned.

Philippine Nationwide Financial institution (PNB) offered 33% of LTG’s internet revenue at P5.47 billion. On a stand-alone foundation, the lender’s earnings grew 14% to P9.78 billion due to the sale of actual and different properties acquired through the interval.

Tanduay Distillers, Inc. (TDI) contributed 5 p.c of LTG’s internet revenue at P890 million. By itself, the distilled spirits producer noticed its earnings bounce by 44% to P909 million, versus the P631 million it delivered in 2017.

TDI additionally managed to extend its market share to 27.three% by the tip of 2018, versus 24.eight% within the yr earlier than.

LTG’s property unit, Eton Properties Philippines, Inc., generated P479 million or three p.c of the guardian’s internet revenue.

The property developer booked a internet revenue of P479 million final yr, 38% increased yr on yr, following a 43% uptick in revenues to P3.2 billion. Eton attributed the robust efficiency to increased leasing revenues and higher gross sales of residential models.

In the meantime, Asia Brewery, Inc. (ABI) additionally contributed three p.c to LTG’s internet revenue at P421 million. That is 24% decrease than the P552 million it posted in 2017.

ABI’s decrease internet revenue comes amid a 9 p.c improve in revenues to P14.13 billion due its packaging, vitality drinks, bottled drinks, and soy milk merchandise. It reported that Cobra Power Drink and Vitamilk Soymilk remained to be market leaders of their classes, whereas Absolute and Summit bottled water have the second-largest market share.

Victoria’s Milling Firm, Inc., the place LTG holds a 30.9% stake, accounted for the remaining two p.c of the conglomerate’s internet revenue or P247 million.

Shares in LTG jumped 1.75% or 28 centavos to shut at P16.28 every on the inventory trade on Monday. — Arra B. Francia

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