May 212013

MANILA, Philippines – The investment holding firm of taipan Lucio Tan grew its profits to nearly P4 billion in the first quarter, driven by its banking and property units.

In a regulatory filing, LT Group said its net income climbed 36 percent to P3.8 billion.

Consolidated earnings surged 53 percent to P5.8 billion “on the back of the strong performance of the conglomerate’s banking and property segments,” the company said.

Revenues picked up 14 percent to P17.7 billion “due to higher revenues from banking, distilled spirits and property development, which offset the revenue drop in the beverage and tobacco sectors,” LT Group said.

Specifically, Philippine National Bank (PNB) doubled its profits to P3.7 billion in the first quarter from P1.8 billion a year ago. Revenues of PNB, which merged with Allied Bank to create the country’s fourth largest bank in February, jumped 22 percent to P10.3 billion.

Real estate unit Eton Properties Philippines Inc.’s profits surged to P127.5 million from P19 million last year as revenues almost doubled to P1.16 billion from P560 million.

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“The increase in revenues is mainly attributed to higher percentage of completion of Eton’s residential and condominium units as well as higher leasing revenues from commercial projects,” LT Group said.

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