Taipan Lucio Tan-led conglomerate LT Group Inc. eclipsed full-year earnings in 2021 as profits in the first nine-months of the year reached P20.4 billion.
Net income from January to September more than doubled from the same period last year despite lower earnings by key business segments. This was also higher than the conglomerate’s profits of P20.25 billion for all of last year.The biggest contributor for the year was LT Group’s tobacco business, accounting for 59 percent of attributable income.
Through PMFTC Inc., whose brands include Marlboro and Fortune, the segment reported a 10 percent net income drop to P12 billion as demand was hit by higher prices.
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