GT Capital nets 4% more to P7.4 B

MANILA, Philippines — GT Capital Holdings Inc., the conglomerate of George Ty, reported a four percent growth in its core net income to P7.4 billion in the first half.

Consolidated revenue rose three percent to P104.3 billion.

GT Capital president Carmelo Maria Luza Bautista said easing inflation and declining interest rates contributed to the improved results.

“Easing inflation, coupled with declining interest rates, and improved consumer confidence created conditions for growth in GT Capital and its component companies. Strength in income from financial services, recovering auto unit sales growth, and stable demand in the property sector, resulted in the group’s positive financial results. We are optimistic for the rest of 2019 as macroeconomic indicators improve,” Bautista said.

In the second quarter alone, GT Capital’s net income grew 17 percent to P4  billion as revenue increased by three percent to P57.2 billion.

Bautista attributed the latest figures to the strong performance of Federal Land, Metropolitan Bank & Trust Co., Metro Pacific Investments Corp. and Sumisho Motor Finance Corp.

Metrobank reported a P13 billion net income in the first half, up 18 percent from the previous year, driven by consistent loan growth and prudent operational expenditures.

Federal Land, meanwhile, reported a consolidated net income of P572 million, 10 percent higher than the year ago.

Metro Pacific, in which GT Capital is a strategic investor, reported consolidated core net earnings of P8.7 billion in the first half from P8.6 billion.

AXA Philippines, the insurance business, reported consolidated life and non-life gross premiums of P15 billion, down from P19.3 billion a year ago. Consolidated net income amounted to P1.2 billion, while its life insurance business grew 22 percent to P1.6 billion.

On the other hand, Toyota Motor Philippines Corp. (TMP) reported a net income of P4.43 billion, down from P4.56 billion. Consolidated revenue slightly fell to P76.1 billion from P76.4 billion.

Toyota registered retail vehicle sales of 73,454 units from January to June, up from 73,136 units the previous year.

Meanwhile, GT Capital announced the appointment of Vicente Socco as chairman of  GT Capital Auto Dealership Holdings Inc.

Socco was appointed general affairs manager of Toyota’s Manila liaison office before being assigned in 1988 to TMP where he  rose through the ranks to become senior vice president for marketing.

In 2007, Socco was appointed SVP at Lexus Asia, concurrent with his role as an executive for country operations at Toyota Motor Asia Pacific (TMAP) in Singapore, the automaker’s regional office. 

In 2014, he became TMAP’s general manager, reporting to Toyota’s global headquarters in Japan. He then returned to Singapore at his TMAP post in 2017 until his retirement in July.