GT Capital Q1 earnings up 60%

MANILA, Philippines — GT Capital Holdings Inc. (GT Capital), the Ty-owned conglomerate, reported a consolidated net income of P4.1 billion in the first quarter, up 60 percent from P2.5 billion a year ago.

GT Capital president Carmelo Bautista said the solid performance of the banking sector and the strong rebound of the auto business boosted the first quarter performance.

“Notwithstanding the recent surge in COVID-19 cases and the reimposition of the enhanced community quarantine in March, we remain optimistic for the rest of the year,” Bautista said.

Moving forward, Bautista said the vaccine rollout would lead to further reopening of more sectors of the economy.

“Such positive developments will allow the group to build on its growth momentum from the first quarter,” he said.

By business segment, banking arm Metrobank posted a net income of P7.8 billion, up 27 percent during the quarter.

Toyota Motor Philippines (TMP) posted a consolidated net income of P2 billion during the period, up 39 percent from P1.4 billion as consolidated revenues grew 18 percent to P33.9 billion.

GT Capital Auto Dealership Holdings Inc. chairman Vince Socco said that as part of the group’s business expansion, GT Capital is making its foray into the pre-owned vehicle segment.

“As quarantine restrictions are lifted, transportation and mobility will be among the essential drivers of economic recovery. Furthermore, we look forward to our entry into the pre-owned vehicle segment through our joint ventures with JBA Philippines and Premium Warranty, which will continue to expand our automotive value chain footprint,” Socco said.

GT Capital’s wholly-owned property subsidiary Federal Land Inc. reported a consolidated net income of P327 million during the period, down 12 percent due to construction and sales activity restrictions.

AXA Philippines’ consolidated net income reached P324 million, 11 percent lower than the P367 million recorded in the previous year.

Metro Pacific Investments Corp., meanwhile, reported a consolidated core income of P2.5 billion, down 26 percent due to the economic contraction amid the COVID-19 pandemic.