GT Capital net income up 21% in 2016

MANILA, Philippines - GT Capital Holdings Inc. reported a net income of P14.6 billion last year, up 21 percent year on year amid strong sales of Toyota Motor Philippines Corp. and higher contributions from associates as well as earnings from the sale of Global Business Power Corp.

Consolidated revenues grew 44 percent to P202.1 billion, GT Capital said in a disclosure to the Philippine Stock Exchange Monday.

GT Capital president Carmelo Maria Luza Bautista said 2016 marked the company’s shift to infrastructure from the power sector.

 “The year 2016 was very busy for us. We diversified our investment portfolio, shifting from power generation to infrastructure and utilities with our strategic investment into Metro Pacific.

“We consolidated our life and non-life insurance businesses in order to achieve scale and synergy. We invested in the affordable housing sector, boosting our landbank with over 1,600 hectares of prime property for future development,” Bautista said.

Unit Toyota Motor Philippines Corp. posted a net profit of P11.9 billion or an increase of 17 percent year on year.  Revenues improved 36 percent to P155.8 billion as retail sales increased 27 percent to 158,728 units.

TMP maintained its dominance in the auto industry with an overall market share of 39 percent, reinforced by greater sales volumes arising from the new model launches of the Fortuner and Innova in March and April, respectively.

Banking arm Metropolitan Bank & Trust Co. reported a net income of P18.1 billion last year.