May 20, 2013

LT Group net income grows 53% in Q1

LT Group Inc. posted a 53% increase in its net income to P5.8 Bfor the first quarter of 2013. However, net income attributable to shareholders of the company increased 36% to P3.8 B. The growth was due mainly to Philippine National Bank, which grew earnings by 105% to P3.7 B. PNB’s net income attributable to LTG amounted to P1.7 B, representing the latter’s 45.5% indirect ownership interest in the bank.

The tobacco segment’s net income increased by 3.3% to P1.6 B. Asia  Brewery and Tanduay Distillers both saw a decline in net income to P229 M and P6.9 M, respectively. Finally, subsidiary Eton Properties Philippines Inc. posted a net income of P127.5 M versus P19 M in the same period last year. - WealthSec