LT Group's Q1 income jumps 40 pct | ABS-CBN
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LT Group's Q1 income jumps 40 pct
LT Group's Q1 income jumps 40 pct
ABS-CBN News
Published May 12, 2016 07:34 PM PHT
MANILA - LT Group on Thursday reported a 40 percent jump in its net income for the first quarter as its tobacco business more than doubled its profits.
MANILA - LT Group on Thursday reported a 40 percent jump in its net income for the first quarter as its tobacco business more than doubled its profits.
Net income for the January to March period rose P2.2 billion, compared to P1.6 billion during the same period last year, the company told the stock exchange.
Net income for the January to March period rose P2.2 billion, compared to P1.6 billion during the same period last year, the company told the stock exchange.
The company said its tobacco business, which contributed 42 percent of its total income, saw a more than two-fold increase in net income to P949 million from the P411 million last year.
The company said its tobacco business, which contributed 42 percent of its total income, saw a more than two-fold increase in net income to P949 million from the P411 million last year.
"While the company sees some improvement, illicit trade continues to affect the overall profitability of the cigarette business," the company said.
"While the company sees some improvement, illicit trade continues to affect the overall profitability of the cigarette business," the company said.
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LT Group said it also saw income growth in its banking, beverage, and property businesses.
LT Group said it also saw income growth in its banking, beverage, and property businesses.
LT Group shares closed 3.33 percent lower to P13.36 on Thursday.
LT Group shares closed 3.33 percent lower to P13.36 on Thursday.
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