GT Capital income jumps 21% to P3.7 billion

MANILA, Philippines — GT Capital Holdings Inc., the investment vehicle of tycoon George Ty, posted a double digit increase in earnings in the first quarter behind higher equity in the net income of top performing associates Metropolitan Bank and Trust Co., AXA Philippines and Metro Pacific Investments Corp.

GT Capital saw its consolidated net income rise 21 percent year-on-year in the first three months to P3.7 billion, while core net income jumped 18 percent to P3.8 billion.

The conglomerate said it recorded consolidated revenues of P45.5 billion during the quarter.

“The interim soft numbers for the auto sector during the first quarter resulted from the frontloading of orders late last year in anticipation of the new excise tax. We expect sales to normalize by the second half of the year. Nevertheless, significant contributions from our associate companies Metrobank, Metro Pacific and AXA Philippines resulted in strong first quarter growth,” GT Capital president Carmelo Maria Luza Bautista said.

GT Capital’s banking arm, Metrobank, reported an unaudited consolidated net income of P5.9 billion for the first quarter, up 5.3 percent compared with the same period last year, on the back of sustained growth in the core business.

MPIC, for its part, achieved a 16 percent growth in consolidated core net income to P3.6 billion attributed to its expanded power portfolio, robust traffic growth on all domestic roads and steady volume growth, coupled with inflationary tariff increase at Maynilad Water Services Inc.

AXA Philippines’ consolidated net income likewise grew 45 percent year-on-year to P553 million.

Meanwhile, Toyota Motor Philippines remained as the industry leader with an overall share of 36 percent in the first quarter.