LT Group of billionaire Lucio Tan on Wednesday said its attributable net income for the first 6 months of the year declined by 63 percent to P3.73 billion compared to the same period last year.

The decline is mainly due to the higher provisioning for credit losses booked by banking subsidiaries and the elimination of gain from transfer of real estate assets at the consolidated level, the company told the stock exchange.

A total of P8.97 billion was from its tobacco businesses, P602 million from Tanduay Distillers, Asia Brewery with P343 million while Eton Properties contributed P287 million to the total attributable income, LT Group said.

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

The company earlier declared a P0.24 per share cash dividend or a total of P2.60 billion which was paid in July.

LT Group said its balance sheet remains strong.