BY UNICAPITAL SECURITIES
Profit at the listed holding firm of Lucio Tan dropped by more than half last year.
LT Group, Inc. (LTG) said it earned PHP 6.154 billion in 2014, down from the PHP 11.475 billion the previous year. Pulling down the conglomerate’s earnings was Philippine National Bank (PNB), which accounted for 47% of LTG’s revenue.
The banking business’ revenue dropped by a sixth to PHP 24.6 billion last year from PHP 28.9 billion in 2013, as it suffered a steep fall in trading gains.