LT Group Inc., the holding company of businessman Lucio Tan, said first-half net income declined 63 percent to P3.73 billion from P10 billion in the same period last year, on higher provisioning for credit losses booked by its banking subsidiary and the elimination of the gain from the transfer of real estate assets at the consolidated level.
The conglomerate said its tobacco business accounted for P8.97 billion of total attributable income. This was achieved despite the 9-percent decline in industry volume to 26.8 billion sticks caused by price increases to pass on the additional excise taxes.
Liquor unit Tanduay Distillers Inc. contributed P602 million to total net income. Its higher income contribution was due to the 13-percent increase in the volume of liquor sales and 55-percent growth in bioethanol sales.
Tanduay’s nationwide market share for distilled spirits was 26.9 percent as of end-June, compared to 24.1 percent a year ago.
Asia Brewery Inc. delivered P343-million net income, up from P40 million it reported in the same period a year earlier largely due to the absence of any losses from the AB Heineken joint venture.