LTG profit increases in 9 monthsMANILA, Philippines — LT Group Inc. (LTG) of taipan Lucio Tan posted higher earnings in the nine months ending September as improvement in the operating results of most business units offset the slowdown in the tobacco segment. From January to September, LTG’s net income reached P19.82 billion, three percent higher than last year’s P19.25 billion. Profit of the banking segment increased by 11.4 percent to P15.06 billion during the nine-month period on the back of higher net interest income. LTG’s share in the net income of Philippine National Bank amounted to P8.44 billion for the period, higher than the P7.64 billion in 2023. “The decline in PMFTC’s earnings stemmed from lower sales volume, which continues to be impacted by the persistent challenge of illicit tobacco trade within the country,” LTG said in its quarterly report.

Source: Philippine Star November 13, 2024 17:09 UTC