MANILA - LT Group (LTG), the conglomerate headed by tycoon Lucio Tan, said its attributable net income grew 9 percent to P10.03 billion in the first half of 2020 compared to the same period last year despite the disruptions caused by the COVID-19 pandemic.
LTG, which has interests in tobacco, alcoholic drinks, banking and real estate among others, said its tobacco unit accounted for P8.18 billion or 82 percent of the income.
The company said PMFTC, which sells some of the most popular cigarette brands in the country, saw a 40 percent rise in its net income in the first six months of the year, compared to the same period in 2019.
“The higher income is attributed to the higher share of premium Marlboro as well as the price increases implemented in late August 2019,” the company said.
Sales volume however declined 17 percent in the first half due to the impact of the lockdown imposed in Luzon and other parts of the country, LTG said.
LTG’s results from its alcoholic drinks businesses, meanwhile, were mixed.
Tanduay Distillers’ net income grew 43 percent to P543 million during the period due to improved margin in the liquor segment and a 41 percent decrease in selling and marketing expenses, the company said.
LTG's beer unit, Asia Brewery, meanwhile saw its net income fall 84 percent as the lockdown “affected sales in sari-sari and convenience stores as well as in supermarkets,” the company said.
PNB’s net income meanwhile fell 64 percent as the bank made provisions for credit losses due to economic disruptions caused by the COVID-19 pandemic.
Eton Properties’ net income meanwhile rose 9 percent to P404 million as rental incomes increased.
LTG said its balance sheet remains strong.