This decline was due to lower net income in cigarette producer Philip Morris Fortune Tobacco Corp. (PMFTC), which was offset by improvements in other businesses, which include banking, distilled spirits, beverage, and property, LT Group said in its latest quarterly report.
Apart from PMFTC, LT Group owns Philippine National Bank, Asia Brewery Inc., Tanduay and Eton Properties Philippines.
The tobacco segment saw a 16.4 percent drop in net income to P4.89 billion due to lower sales volume, but this was balanced by gains in other segments.
The banking segment’s net income rose by 5.4 percent to P10.29 billion, driven by higher net interest income, contributing P5.77 billion to LTG’s share.
The distilled spirits and beverage segments also performed well, with net incomes rising to P712 million and P509 million, respectively, due to improved sales volumes and higher prices.
Despite these gains, overall operating expenses increased by 2.1 percent to P19.10 billion, and other income dropped significantly due to lower gains from the sale of assets by the banking segment.
