Driven by the higher profit contributions of its subsidiaries, LT Group, Inc. (LTG), the holding company for the businesses of tycoon Lucio C. Tan, ended the first half of the year with a net income attributable to shareholders of ₱12.80 billion.

In a stock exchange report released on Tuesday, 13 August, LTG revealed that the Philippine National Bank’s (PNB) contribution increased by 4.5 percent to ₱5.77 billion, representing 45 percent of the total. The tobacco business contributed ₱4.87 billion, or 38 percent of the total.

From January to June, PNB’s net profit under the pooling method reached ₱10.29 billion, a ₱528 million increase, or 5 percent, from the ₱9.76 billion reported for the same period last year.

The tobacco business reported a net profit of ₱4.89 billion for the period, a decrease of ₱957 million, or 16 percent, from the ₱5.85 billion reported a year ago.

Notably, Tanduay Distillers Inc. (TDI) saw its contribution grow by 14.3 percent to ₱712 million, or 6 percent of the total, while Asia Brewery, Inc. (ABI) increased its contributions by 49 percent to ₱508 million, or 4 percent.

TDI’s net income for the first six months was ₱712 million, 14 percent higher than the ₱626 million reported last year.

Eton Properties Philippines Inc. experienced a significant increase in its profit contribution, rising by 59 percent to ₱326 million, representing 2 percent of the total.

Victorias Milling Company also contributed ₱277 million, accounting for an additional 2 percent.

Eton’s net income for the first half of the year amounted to ₱327 million, 59 percent higher than last year's ₱206 million.

ABI’s net profit for the period was ₱509 million, a 49 percent increase from the ₱340 million reported last year.

Furthermore, Other Income surged by 65 percent to ₱336 million, accounting for 3 percent of the total.

According to LTG, a special cash dividend of ₱0.30 per share, totaling ₱3.25 billion, was declared in May and paid on 14 June.

Along with the dividends declared in March, total dividends year-to-date amounted to ₱0.60 per share, or ₱6.49 billion, representing a 25.5-percent payout rate.

As of the end of June, LTG’s debt-to-equity ratio was 3.39:1 with the bank and 0.11:1 without the bank. The parent company had cash reserves of ₱1.99 billion.