LT Group Inc., the listed company that holds the investments of tycoon Lucio Tan, said Friday first-quarter net income declined 2 percent year-on-year to P6.38 billion, with the double-digit gain in group revenue erased by a surge in the income share of non-controlling interests.
Consolidated revenue increased 18 percent year-on-year to P26.04 billion, primarily on a 33 percent increase in the banking business’ contribution.
Cost of sales and services in the first quarter increased 14 percent year-on-year to a total P12.12 billion due mainly to the highest interest cost of Philippine National Bank. Operating expenses jumped 37 percent to P10.65 billion due mainly due to the higher provisions for impairment and credit losses by PNB.
Other income in the first quarter rose four times to P3.39 billion on gain from PNB’s sale of a major property while the share of non-controlling interests increased 64 percent to P2.19 billion.
As to share of net income attributable to equity holders of LT Group, the tobacco business accounted for 48 percent, Philippine National Bank added 43 percent, Tanduay Distillers shelled out 4 percent, Eton Properties contributed 2 percent while Asia Brewery, Victorias Milling Co. and Other Income each provided 1 percent.
