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GT Capital profit rises 19% to P11 B

MANILA, Philippines — GT Capital Holdings Inc. reported a 19 percent growth in core net income to P11 billion as it continued to benefit from strong domestic demand.

The conglomerate, which has investments in banking, automotive, property, insurance and infrastructure, churned in P169.5 billion in revenues during the period, up 16 percent year-on-year.

Market-leading auto unit sales from Toyota Motor Philippines Corp. (TMP) and Toyota Manila Bay Corp. (TMBC), as well as higher equity in net income of associates led by AXA Philippines and Metro Pacific Investments Corp. (MPIC), drove GT Capital’s revenue growth, GT Capital president Carmelo Maria Luza Bautista said yesterday.

 “Our core businesses continue to deliver steady growth across all sectors. Based on the strong macroeconomic fundamentals, we remain optimistic that the positive momentum will be sustained for the remaining months of 2017,” he said,

 Metropolitan Bank & Trust Co. reported an unaudited consolidated net income of P13.2 billion, five percent more than the previous year.

For the property business, Federal Land Inc. and Property Co. of Friends Inc. registered a combined P12.9 billion in consolidated revenues from January to September 2017, 13 percent more than year earlier. This translated to an aggregate net income of P1.9 billion.

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AXA Philippines achieved a 31 percent growth in standalone net income to P1.8 billion.

GT Capital’s strategic partner, Metro Pacific Investments Corp., meanwhile,  reported a 22 percent rise in consolidated core net income to P11.3 billion on the strength of its expanded presence in the power industry.

Core net income was lifted by an expanded power portfolio through increased investment in Beacon Electric Asset Holdings Inc., robust traffic growth on all roads held by Metro Pacific Tollways Corp., and continuing growth in the hospital group.

For the automotive business, Toyota, which remains the country’s market leader, reported a 14 percent increase in consolidated revenues to P130.7 billion. This resulted in a consolidated net income of P9.9 billion as Toyota attained retail vehicle sales of 132,721 units.

Bautista said TMP continues to lead the Philippine auto sector with 39.4 percent in overall market share. The auto company’s robust sales came from the Vios, Fortuner, Innova, Hi Ace, Wigo and Avanza models, he said.

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