MANILA, Philippines - Taipan George Ty’s investment holding firm GT Capital Holdings Inc. reported a 31 percent jump in consolidated net income to P8.6 billion last year, driven largely by the strong performance of its banking and property units as well as the consolidation of its automotive and power generation businesses.
Groupwide revenues grew more than four-fold to P105.5 billion, GT Capital said in a statement issued Monday.
“The encouraging performance of our component companies, against the backdrop of the steady growth of the domestic economy, enabled us to achieve our full-year objectives. This was further bolstered by the clearly defined business synergies within the GT Capital group,†said company chairman Arthur Ty.
Banking unit Metrobank posted a consolidated net income of P22.5 billion, 46 percent higher than the P15.4 billion earned in 2012. Total resources rose by 32 percent to P1.38 trillion.
Toyota Motor Philippines Corp. grew its net income by 50 percent to P4.2 billion on the back of a 10 percent rise in revenues.
Property arm Federal Land saw its net earnings rise by 58 percent to P1 billion as revenues expanded by 85 percent to P7.9 billion.
“Federal Land posted significant increases in booked revenues and rental income. Our projects continue to be on-track with sustained interest from customers in a market that remains buoyant,†said Federal Land president Alfred Ty.
Net earnings of Global Business Power Corp. , on the other hand, declined by 13.6 percent to P1.9 billion due to the softer Wholesale Electricity Spot Market (WESM) prices as a result of lower peak power consumption during the early cold months of 2013, and subsequently the extreme damage wrought by Typhoon Yolanda in Visayas in November.
AXA Philippines grew its net income by 30 percent to P1.2 billion as revenues increased 49 percent to P18.3 billion. Total sales in annualized premium equivalent (APE) rose 31 percent to P3.6 billion.
Charter Ping An posted a net income of P190 million, down from the 2012 level due to the string of natural calamities that hit the country in 2013. It registered a 39 percent hike in gross premium written to P3.2 billion in 2013.
GT Capital has acquired an additional 9.21 percent of car dealership unit Toyota Cubao Inc., raising its stake to 89.1 percent.
The acquisition is expected to boost GT Capital’s net income and improve the synergies among the group’s automotive, banking and insurance businesses.