LT Group, Inc. (LTG)’s attributable profit jumped by 61% in the first quarter of 2018, boosted by its tobacco and banking units.
In a statement issued Friday, May 11, LTG said its net income attributable to equity holders of the parent reached P3.63 billion for the first three months of the year, higher than the P2.25 billion it posted in the same period last year.
The tobacco business accounted for 65% of the company’s attributable profit at P2.35 billion. LTG’s 49.6% stake in PMFTC, Inc. yielded it an equity in net earnings of P2.29 billion.
The listed conglomerate attributed the increase to the government’s actions against illicit trade, which casted out smuggled international and locally produced products. LTG said this gave it a level playing field and allowed it to pass on the increase in excise taxes to consumers. — Arra B. Francia