August 15, 2013

LT Group income surges 35% to P9.5 B

LT Group Inc. said its consolidated net income surged 34.6% to P9.5  B while core net income gained 18% to P6.1B. Improvements in banking, beverage and property sector incomes offset the weak performance of tobacco and alcohol products as the effects of the high excise tax increase in 2013 continue to affect sales volume.

Specifically, banking unit PNB doubled its income to P6 B in the first half from P3.2 B last year on account of the 119% increase in trading gains. Net interest income stood at P5.9 B, up 59% year-on-year. Net loans and receivables grew to P238.7 B, up 82% year-on-year.

The first semester results include the earnings of Allied Bank Corp., which was consolidated into the books of PNB following a merger last March. The beverage business’ net income rose 12% to P483  M due to lower operating and interest expenses.

Eton Properties said it turned around to a net income P204 M from a net loss of P33 M a year ago as revenues surged 161% in the first half. The property firm benefited from the higher completion percentages of its residential and condominium projects as well as higher leasing revenues from commercial projects. - WealthSec