By Leslie D. Venzon
MANILA, Aug. 14 (PNA) — Net income of Lucio Tan-led conglomerate LT Group, Inc. (LTG) grew 65 percent in the first semester this year mainly on the back of banking business.
LTG reported to the Philippine Stock Exchange its attributable net income reached Php3.57 billion in January to June from Php2.16 billion during the same period last year.
Its subsidiary Philippine National Bank (PNB) reported an income of Php4.10 billion for the first six months, up 32 percent from Php3.12 billion last year.
PNB’s income contribution to LTG of Php2.155 billion accounted for 60 percent of total.
Asia Brewery, Inc. (ABI) shared Php523 million, or 15 percent of total, followed by tobacco business unit Philip Morris Fortune Tobacco Corp. at Php423 million, or 12 percent.
Liquor unit Tanduay Distillers, Inc. (TDI) accounted for Php179 million or five percent, while Eton Properties Philippines added Php113 million or three percent. (PNA)