GT Capital earnings rise 12% to P3.2 B
GT CAPITAL PERFORMANCE: GT Capital president Carmelo Maria Luza Bautista discussed results of the conglomerate’s first quarter performance at an analysts/investors briefing held yesterday at the penthouse of GT Tower Int’l along Ayala Avenue in Makati City. JOEY MENDOZA
MANILA, Philippines - George Ty-led conglomerate GT Capital Holdings Inc. grew its first quarter core net income 12 percent to P3.2 billion from P2.8 billion a year ago, the company said yesterday.
Revenues rose 31 percent to P48.8 billion during the period from P36.8 billion a year ago, buoyed by strong auto sales and stronger banking and insurance business.
“We started 2017 on solid footing. The robust revenue and core earnings growth momentum from our component companies resulted in GT Capital’s healthy performance. The sound fundamentals of the Philippine economy coupled with the dominant strengths of our subsidiaries provide us with a very positive outlook for the rest of the year,” GT Capital president Carmelo Maria Luza Bautista said.
Strong auto sales from Toyota Motor Philippines (TMP) and higher equity in net income of associates Metropolitan Bank and Trust Co. (Metrobank), AXA Philippines and Metro Pacific Investments Corp. (MPIC) led to GT Capital’s revenue growth, the company said.
Banking arm Metrobank reported an unaudited consolidated net income of P5.6 billion during the period, up six percent compared with the same period last year, on strong growth in loans and low-cost deposit generation.
For the period, total revenues hit P19.9 billion while operating expenses grew just six percent to reach P11.1 billion.
Automotive unit TMP posted strong sales during the period, with 40,689 vehicles sold, an increase of 33 percent year-on-year.
Consolidated revenues rose 32 percent to P37.1 billion in the first quarter of 2017 from P28.1 billion during the same period in 2016.
From January to March this year, the country’s dominant automotive company registered P2.5 billion in consolidated net income, GT Capital said.
MPIC disclosed a 14-percent rise in consolidated core net income to P3.1 billion for the quarter on the back of strong growth in its operations. GT Capital has a 15- percent stake in MPIC.
GT Capital’s property investments, Federal Land Inc. and ProFriends, reported combined P3.5 billion in consolidated revenues from January to March 2017.
Together, the two property developers reported a net income of P590.5 million in the first quarter of 2017.
AXA Philippines, the insurance business, meanwhile, grew its first quarter net income 10 percent to P427.7 million.
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