Lucio C. Tan’s holding firm LT Group, Inc. posted a ten.9% improve in third-quarter web revenue to P6.08 billion for its mother or father fairness holders regardless of recording a decline in gross revenues throughout three-month interval.
In its quarterly report submitted to the inventory trade, the corporate recorded gross revenues of P22.87 billion, down 2.8% from a yr in the past. It managed to journey its bills.
For the January-September interval, LT Group reported a 9% improve in its attributable web revenue to P16.10 billion, with its tobacco enterprise contributing three-fourths of the overall.
The agency stated its tobacco enterprise accounted for 75% of whole revenue at P12.12 billion, adopted by Philippine Nationwide Financial institution (PNB) at 14% or P2.24 billion, Tanduay Distillers, Inc. at 7% or P1.09 billion.
Different enterprise items contributed a smaller determine with Eton Properties Philippines, Inc. at P630 million, Victorias Milling Co., Inc. at P148 million, and Asia Brewery, Inc. at P4 million.
PNB’s web revenue underneath the pooling technique fell 39% to P4 billion for the nine-month interval because of the P9.03 billion provision for credit score losses it booked on account of the continuing coronavirus illness 2019 (COVID-19) pandemic.
LT Group’s tobacco unit posted a 27% improve in its web revenue for the interval to P12.17 billion because of the shift amongst prospects to mid-priced cigarettes, coupled with the upper excise taxes applied in August 2019.
The corporate’s liquor unit, Tanduay Distillers reported a web revenue of P1.09 billion attributable to increased gross sales quantity. It additionally posted a 36% drop in promoting and advertising and marketing bills to P725 million in opposition to P1.14 billion beforehand.
In the meantime, Eton Properties posted a 1% rise in web revenue to P633 million through the interval attributable to a rise in rental revenue.
“On the finish of September 2020, Eton Properties had a leasing portfolio of roughly 181,000 sq. meters of workplace area and over 43,000 sq. meters of retail area,” the disclosure stated.
LTG stated a few of its deliberate tasks embody the 36-storey Blakes Tower in Makati Metropolis, the 4.3-hectare Eton Metropolis Sq. in Sta. Rosa, Laguna, and NXTower I, an workplace constructing alongside Ortigas Ave.
Asia Brewery’s web revenue fell 98% to P4 million attributable to decrease gross sales volumes throughout all merchandise through the quarantine interval on account of the pandemic.
On Friday, shares in LTG rose 3.14% or 38 centavos to finish at P12.48 apiece. — Revin Mikhael D. Ochave