TAN-LED holding firm LT Group Inc. (LTG) said Tuesday its consolidated net income in the first half (H1) of 2024 stood at P17.46 billion, little changed from the P17.43 billion recorded a year earlier, as the lower earnings of its tobacco business offset the gains made by its other businesses.
In a stock exchange filing, LTG said net income attributable to shareholders dipped slightly to P12.8 billion in the six months from P13 billion last year.
Philippine National Bank (PNB) contributed P5.77 billion, or 45 percent, to the group's total income, netting P10.29 billion, up 5 percent from the P9.76 billion net income booked previously.
"As of the end of June 2024, LTG's debt-to-equity ratio was at 3.39:1 with the bank (PNB) and at 0.11:1 without the bank. The parent company had cash of P1.99 billion," LTG added.
The tobacco business added P4.87 billion, or 38 percent, to group revenues, LTD said, although it reported a 16-percent decline in first-half income this year from P5.85 billion in the same period in 2023.
Most of the tobacco segment's income came from equity in net earnings from its 49.6-percent stake in Philip Morris Fortune Tobacco Co., which amounted to P4.43 billion, it said.
"The overall industry volume continues to be affected by the increasing incidence of illicit trade in the country" even as the government continues its efforts to combat smuggled or fake goods via ad hoc seizures and simultaneous and coordinated nationwide multi-government agency operations," the conglomerate noted.
Tanduay Distillers Inc., meanwhile, contributed P712 million, or 6 percent, to group earnings. Its net income grew 14 percent year on year (YoY) to P712 million as it implemented higher selling prices, lifting earnings 15 percent YoY to P14.63 billion.
Asia Brewery Inc. contributed P508 million to the group's total income, with a first-half net profit of P509 million, up 49 percent YoY and revenues of P9.40 billion, up 12 percent, as sales volume across product lines increased.
Its Cobra energy drink continued to lead the market with a 56-percent market share, while bottled water brands Absolute and Summit held a market share of 18 percent, the company said.
LTG's real estate business, Eton Properties Philippines Inc. (Eton), chipped in P326 million, or 2 percent of the group's net income. The real estate unit saw net income surge 59 percent to P327 million from P206 million previously, as leasing revenues grew 5 percent to P1.01 billion.
Victorias Milling Co. contributed P277 million, while other income added P336 million.
LTG has declared a total cash dividend of P6.49 billion year to date — a special cash dividend of P3.25 billion, or P0.30 per share, declared in May and paid last June 14, and an earlier cash dividend declared in March — representing a 25.5-percent payout rate.
On Tuesday, shares of LT Group remained steady at P9.94 each.