LT Group reports lower profits due to drop in tobacco sales

The LT Group, headed by tycoon Lucio Tan, reported lower profits for the first half of 2024 due to a significant drop in tobacco sales.

Attributable net income fell by 1.6% to P12.8 billion compared to P13 billion in the same period last year, with PMFTC's contribution dropping by 22% to P4.43 billion despite a slight increase to P4.87 billion overall.

First-half revenue increased by 13.2% to P61.13 billion from P54 billion a year ago.

Philippine National Bank (PNB) contributed the most at P5.77 billion, followed by tobacco business revenues of P4.89 billion.

Tanduay Distillers saw a 14% increase in net income to P712 million due to higher selling prices and increased volume of liquor and bioethanol.

Asia Brewery reported strong performance with a 49% rise in net income to P509 million, driven by higher sales volumes across its product lines.

Eton Properties recorded a 59% year-on-year increase in earnings to P327 million, fueled by growth in leasing revenues and real estate sales.