LT Group Inc., the listed holding company of tycoon Lucio Tan, said attributable net income in the first nine months of 2016 climbed 33 percent to P6.25 billion, up from P4.71 billion reported year-on-year, fueled by the strong growth of the banking, tobacco, property and liquor units.
LT Group said in a disclosure to the stock exchange Philippine National Bank accounted for P2.54 billion or 41 percent of the total attributable income, while the tobacco business contributed P1.79 billion or 29 percent.
Asia Brewery Inc. added P894 million, or 14 percent, while Tanduay Distillers Inc. accounted for P679 million, or 11 percent. Eton Properties Philippines Inc. contributed P248 million, or 4 percent.
Equity in net earnings from Victorias Milling Co. Inc. amounted to P96 million.
Nine-month consolidated revenues also rose 13 percent to P45.1 billion from P39.8 billion a year ago.
PNB reported a net income of P5.91 billion in the the first three quarters of the year, an increase of 12 percent, as net interest income climbed 14 percent to P14.63 billion.
Income from the tobacco business amounted to P1.80 billion in the first nine months of 2016, up sharply from P525 million in the same period in 2015.
The company attributed the higher earnings to the change in the mix of PMFTC’s sales, with premium Marlboro accounting for a higher share of the total volume.
ABI’s earnings in the first nine months of 2016 amounted P895 million, up 29 percent from P694 million on year.
TDI’s net income in the January-to-September period reached P679 million, double the profit of P337 million on year due to the start of the contribution of bioethanol sales in 2016.
Eton reported a bottom line of P249 million in the first three quarters of 2016, up 26 percent from a year ago level, on higher rental income.
Revenues increased 17 percent to P2.2 billion due to the growth in leasing revenues and on the back of higher lease rates from fully-leased out BPO office buildings with a gross leasable area of about 124,000 square meters.