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Banking, tobacco lift LT Group’s Q1 profit by 13% to P7.24 billion
LT Group Inc. (LTG) reported a 13% increase in its first-quarter earnings, reaching P7.24 billion, its highest in 12 years, primarily driven by strong performance from its tobacco and banking subsidiaries.
Philippine National Bank (PNB) was the largest contributor, accounting for P3.42 billion or 47% of the group's total earnings, showing a 15% net profit jump due to loan expansion and trading gains.
Fortune Tobacco Corp. (FTC) added P2.8 billion or 39% to LTG's bottom line, with earnings growing 6% supported by price increases in cigarettes, despite flat sales volume.
Tanduay Distillers Inc. saw its net income double to P528 million, fueled by a 20% revenue increase driven by improved sales volume and higher prices in the liquor segment.
Asia Brewery Inc. experienced a 15% profit increase to P178 million, benefiting from reduced discounts and lower manufacturing costs, although its revenues slightly declined due to a drop in Cobra sales volume.
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