LTG profit soars to P28.9 B

Earnings of taipan Lucio Tan's LT Group Inc. (LTG) zoomed to a record high last year, fueled by strong contributions across most business segments.

- By RICHMOND MERCURIO

LTG reported an attributable net income of P28.92 billion in 2024, 14 percent higher from P25.42 billion recorded in the previous year.

"This positive trend was driven by improved performance across most business segments, except for property development," LTG said.

Revenues rose by 12 percent to P129 billion from P115.3 billion in 2023 driven by improved revenues from the banking, distilled spirits, beverage and property development segments.

The group's tobacco segment recorded a net income of P12.8 billion, up by 12.2 percent year-on-year as a result primarily of higher dividends received from PMFTC and higher foreign exchange gains.