MANILA - LT Group Inc said Friday its attributable net income for the first 9 months of 2021 hit P9.95 billion, lower by 38 percent compared to the P16.10 billion in the same period last year.

The decline is due to the higher provisioning for credit losses booked by its banking subsidiary and the elimination of the gain from the transfer of real estate assets at the consolidated level, it said in a disclosure to the stock exchange.

LT Group said the tobacco business accounted for P13.27 billion or 33 percent more than the group's total attributable income. Tanduay Distillers Inc added P998 million, Asia Brewery Inc with P411 million while Eton Properties account for P366 million, it said.

Its 30.9 percent stake in Victorias Milling Company added P169 million, it added.

Meanwhile, Philippine National Bank had a negative net contribution of P5.2 billion after eliminating the gain of P33.60 billion at the consolidated LTG level.

Lucio Tan's LT Group has interests in distilled spirits, beverages, tobacco, real estate, and banking, among others.

• LT Group says attributable net income down 63 percent to P3.73-B in first half
• Lucio Tan's LT Group donates 15,000 AstaZeneca, Moderna vaccine doses to Pasig

RELATED VIDEO:

Watch more in iWantv or TFC.tv