GT Capital nets P3.4 B in Q1

MANILA, Philippines — GT Capital Holdings Inc., the listed conglomerate founded by the late George Ty, reported a consolidated net income of P3.4 billion in the first quarter, down eight percent year-on-year.

Core net income reached P3.5 billion during the period.

GT Capital registered P47 billion in revenue, three percent higher than the previous year.

The company’s banking, insurance and automotive businesses were among the main drivers of revenue growth.

Higher equity in net income of associates Metropolitan Bank & Trust Co. (Metrobank), AXA Philippines, and Sumisho Motor Finance Corp. as well as from the conglomerate’s property investments contributed to GT Capital’s financial performance, said GT Capital president Carmelo Maria Luza Bautista.

“Solid growth in our financial services component companies, the early signs of recovery in the automotive sector, as well as positive developments in our property businesses led to revenue growth for GT Capital during the period,” Bautista said.

Moving forward, Bautista said the company remains optimistic for the year with expectations of a single-digit net income growth, to be driven by the recovery in automotive business and the steady growth of the property sector.

“Easing inflation, sustained government infrastructure spending and improved consumer confidence give us optimism for the rest of the year,” he said.

Metrobank reported a net income of P6.8 billion during the period, up 15 percent, while Toyota Motor Philippines Corp. (TMP) saw its profit drop to P1.8 billion from P2.4 billion.

GT Capital’s property development subsidiaries Federal Land Inc. and Property Company of Friends Inc. achieved an aggregate net income of P431.1 million, up two percent.

AXA Philippines’ consolidated net income jumped 46 percent to P808.4 million.

On the other hand, Metro Pacific Investments Corp. (Metro Pacific) reported a consolidated core net income of P3.7 billion.