LT Group Inc., the listed holding company of business tycoon Lucio Tan, said net income nearly doubled to P8.96 billion in the first six months of 2018 from P4.53 billion recorded in the same period a year ago, lifted by the positive performance of the banking and cigarettes businesses.
LT Group said the income was boosted by the gain booked by Philippine National Bank from the sale of property and other assets.
The conglomerate said earnings from the tobacco business was normalizing as the government’s efforts to curb the illicit trade enabled the company to operate in a level playing field.
The tobacco business contributed P4.86 billion or 54 percent of the total first-half net income.
“The higher earnings were mainly attributed to better pricing as the company is now operating in a level playing field and can pass on the increases in excise taxes and no longer price its products at economically unsustainable levels,” LT Group said.