GT Capital nets P8.9 billion in Q1 

MANILA, Philippines — GT Capital Holdings Inc., the diversified conglomerate of the Ty family, registered slightly lower earnings in the first quarter, as its businesses felt the impact of a broader global economic slowdown that was marked by supply chain disruptions, elevated fuel and commodity prices and heightened foreign exchange volatility.

GT Capital’s net income reached P8.91 billion from January to March, down by three percent from P9.14 billion in the same period last year.

Core net income likewise declined by 8.5 percent to P7.96 billion in the first quarter from P8.70 billion a year ago.

GT Capital president Carmelo Maria Luza Bautista said adverse geopolitical and economic conditions led to weaker consumer spending in the first quarter.

“These dampened our results and signal a general slowdown in the near term, as uncertainties persist,” Bautista said.

“Nevertheless, we continue to draw encouragement from our core businesses that are in key sectors essential to long-term national growth. We are likewise reassured by the strength of our balance sheet, which provides us with the flexibility to navigate any future disruptions,” he said.

Amid a challenging environment, Bautista said GT Capital remains firmly guided by strategic discipline and a clear focus on its priorities as the group pursues sustained performance across its operating companies.

Metrobank saw its net income advance by three percent to P12.6 billion in the first quarter, driven by modest asset expansion, higher margins and healthy fee income growth.

Metrobank president Fabian Dee said the first quarter results underscore the resilience of the bank’s core businesses and the consistency of its execution.

The bank’s total consolidated assets expanded by 8.3 percent to P3.8 trillion, making it the second-largest among private universal banks in terms of assets.

“With strong capitalization, solid asset quality and healthy buffers, we remain well-positioned to manage risks while continuing to support the growth and funding needs of our customers,” Dee said.

Toyota Motor Philippines (TMP), for its part, registered a 16-percent drop in net income during the quarter to P5.3 billion on the back of slower revenues amounting to P62.4 billion. 

TMP president Masando Hashimoto said that, as anticipated, the company experienced the effects of broader economic challenges, particularly the impact of foreign exchange movements, supply chain disruptions  and softer consumer demand for vehicles amid rising fuel costs.

“Still, we continue to see some bright spots, including our growing presence in the electrified vehicle and light commercial vehicle segments, supported by the incentives we received from the government’s Comprehensive Automotive Resurgence Strategy program,” Hashimoto said.

Electrified vehicle sales accounted for 10.6 percent of TMP’s overall sales volume during the three months, up by 40.3 percent from last year.

GT Capital said its wholly owned property subsidiary, Federal Land, meanwhile, remained resilient amid the continued slowdown in the property sector, generating P3.8 billion in reservation sales.

Also showing resiliency amid elevated energy prices and a more volatile global environment was GT Capital associate Metro Pacific Investments Corp., which posted a five percent increase in core net income to P6.9 billion during the quarter.

Contribution from operations grew by four percent, driven primarily by power and health care, supported by stronger generation output and higher patient volumes. 

AXA Philippines Life and General Insurance booked a 25-percent jump in total revenues to P10.7 billion on the back of successful execution of a strategy built on an ambitious growth agenda, diversified distribution channels and enhanced customer management.