LT Group boosts earnings by 43%

MANILA, Philippines — LT Group Inc., the listed conglomerate of taipan Lucio Tan, boosted earnings by 43 percent to P23.12 billion last year.

This marks the highest income the company achieved since its pre-initial public offering in 2013.

Among the different business segments, the tobacco business through PMFTC accounted for P15.5 billion or 67 percent of the total attributable income, while Philippine National Bank (PNB) contributed P5.57 billion or 24 percent. 

Eton Properties Philippines Inc. contributed P896 million or four percent.

Tanduay Distillers Inc. accounted for P667 million or three percent, while Asia Brewery provided P398 million or two percent.

LTG also has a 30.9 percent stake in Victorias Milling Co. Inc., which accounted for P251 million or one percent.

Last year’s income showed an increase of P6.93 billion from the P16.19 billion reported in 2018.

In July, LTG participated in a P12 billion stock rights offering of PNB, investing P7.18 billion. 

LTG’s balance sheet remained strong with debt-to-equity ratio at 3.98:1.

The  company also approved a P2 billion share buyback program. This will commence on March 20 until Dec. 31, 2021.