Manila: LT Group''s Q1 Income Jumps 40 Pct

Source from:  ABS-CBN News 05/13/2016

LT Group on Thursday reported a 40 percent jump in its net income for the first quarter as its tobacco business more than doubled its profits.

Net income for the January to March period rose P2.2 billion, compared to P1.6 billion during the same period last year, the company told the stock exchange.

The company said its tobacco business, which contributed 42 percent of its total income, saw a more than two-fold increase in net income to P949 million from the P411 million last year.

"While the company sees some improvement, illicit trade continues to affect the overall profitability of the cigarette business," the company said.

LT Group said it also saw income growth in its banking, beverage, and property businesses.

LT Group shares closed 3.33 percent lower to P13.36 on Thursday. Enditem