GT Capital profit surges 62%

MANILA, Philippines - George Ty-led conglomerate GT Capital Holdings Inc. reported a 62-percent jump in its net income in the first half on strong growth of its automotive and insurance units as well as the steady performance of its real estate business.

Net earnings surged to P9.1 billion, boosted by a P2.9-billion gain on the sale of Global Business Power Corp. to Metro Pacific Investments Corp.  (MPIC). Revenues grew 40 percent to P102.4 billion.

GT Capital president Carmelo Maria Bautista said the strong performance mirrors the positive performance of the country’s macro economy.

“We had a busy first half in 2016; consolidating our life and non-life insurance businesses, merging two key Toyota dealerships, diversifying our power generation assets into a strategic investment into Metro Pacific Investments Corp., which is one of the largest utilities and infrastructure conglomerates, and more recently, increasing to a majority stake our investment in the affordable housing sector.

“All these planned initiatives further strengthen GT Capital’s strategic position moving forward,” Bautista said.

From its strategic partnership with MPIC signed in May, equity accounted net income for GT Capital for June was P389 million.

MPIC reported a 13-percent increase in core net income to P6.6 billion in the first half while revenues grew 24 percent to P21.7 billion.

Excluding this non-recurring transaction, GT Capital achieved a core net income of P6.2 billion, representing a 16- percent year-on-year growth.

Banking arm Metropolitan Bank & Trust Co. reported a consolidated net income of P9.1 billion  during the period.

Toyota Motor Philippines posted net earnings of P6.9 billion, 33 percent more than the previous year. Revenues rose 33 percent to P71.3 billion as it sold 72,642 vehicles or 26 percent more than the year ago.

Property unit Federal Land Inc. reported a net income of P705 million, up four percent year on year.  Newly-acquired realty firm Property Company of Friends Inc. saw its net income nearly double to P750.1 million, surpassing last year’s P411.3 million.

Meanwhile, AXA Philippines grew its net income by almost 20 percent to P853.6 million. Total premium revenues amounted to P9.6 billion.

Likewise, asset management fees rose 20 percent to P590 million while weighted premium income went up 13 percent.