GT Capital profit up 143% in H1 to P6.7 billion

MANILA, Philippines — GT Capital Holdings Inc., the Ty-owned listed conglomerate, grew its net income by 143 percent to P6.7 billion in the first half of the year.

Core net income rose 83 percent to P5.8 billion, driven by Metropolitan Bank & Trust Co. (Metrobank) and the strong automotive business through Toyota Motor Philippines.

GT Capital president Carmelo Maria Luza Bautista said the company delivered strong results, which are approximately 80 percent of 2019 pre-COVID-19 levels.

Bautista said the group’s first half performance demonstrates its inherent capacity to bounce back from the historic low levels of the past year, and in certain sectors, even optimize competitive strengths by gaining market share.

“We remain focused on the faster vaccination of our group employees, agency force, and their dependents, complementing access to vaccines from LGU sites with our own direct orders,” Bautista said.

Toyota’s consolidated net income reached P3.5 billion during the period, up 235 percent as retail vehicle sales surged to 63,758 units from 35,648 units last year.

The automotive company has remained the country’s number one brand with a record 45.6 percent overall market share, continuing its strong leadership position in the market.

“In line with the rise in mobility that accompanies economic activity, demand for vehicles has steadily increased, said GT Capital Auto Dealership Holdings Inc. chairman Vince Socco.

Metrobank’s net income increased by 28 percent year-on-year to P11.7 billion. In the second quarter, profit surged by 30 percent to P3.9 billion despite stricter quarantine measures.

GT Capital’s property subsidiary Federal Land Inc. recorded a 243 percent increase in consolidated net income to P587 million due to continued construction activity and increased project bookings.

The company posted P5.1 billion in revenues during the period from P4.2 billion last year.

Metro Pacific Investments Corp. reported a consolidated core net income of P6 billion for the first six months, up 13 percent as traffic improved on its toll roads and volume of electricity sold rose.

Insurance arm AXA Philippines reported a net income of P1.4 billion, down from P1.5 billion a year ago. This despite the 33 percent increase consolidated life and general insurance gross premiumsto P22.1 billion.