GT Capital profit soars 168% in January-September

MANILA, Philippines — GT Capital Holdings Inc., the listed conglomerate of the Ty Group, reported a consolidated net income of P8.7 billion in the nine months to September, up 168 percent from P3.2 billion a year ago.

Likewise, the conglomerate’s core net income increased by 115 percent to P8.1 billion during the period, driven by the banking, automotive and property businesses.

GT Capital’s businesses include banking through Metropolitan Bank & Trust Co., automotive through Toyota Motor Philippines (TMP), property through Federal Land, and insurance through AXA Philippines.

The listed conglomerate is also an affiliate of Pangilinan-led Metro Pacific Investments Corp.

GT Capital president Carmelo Maria Luza Bautista said GT Capital’s consolidated nine months results rebounded strongly across all sectors despite the stringent lockdown imposed in August.

“Noteworthy growth rates were realized in our auto, property and financial services subsidiaries. The more recent decline in reported COVID-19 cases, the lifting of mobility restrictions, and the increased number of fully vaccinated individuals in key cities have resulted in a noticeable resurgence of consumer confidence,” Bautista said.

Moving forward, he said the gradual return to pre-pandemic conditions would result in positive momentum for the last quarter of the year, paving the way for an even more robust recovery in the coming year and toward the company’s full recovery.

GT Capital has already achieved close to 100 percent vaccination of all GT Capital Group employees and agency staff.

Metropolitan Bank & Trust Co. (Metrobank) reported a net income of P16.1 billion, up 46 percent.

TMP’s consolidated net income reached P4.6 billion during the period, an increase of 112 percent from P2.2 billion in the first nine months of 2020.

In September, Premium Warranty Services Philippines Inc. commenced operations. It is a joint venture between Premium Group of Japan and GT Mobility Ventures, which in turn is a joint venture between GT Capital Auto Dealership Holdings Inc. (GTCAD) and Mitsui & Co., Ltd. (Japan). The company offers an extensive 188-point inspection, as well as warranty coverage for eligible pre-owned vehicles.

“We ended the third quarter on a positive note, with Toyota new vehicle sales in September recovering from August. TMP significantly outpaced the industry in terms of growth this year, resulting in a dominant market share of 45.8 percent. The recent launches of GR models have led to increased customer interest. In addition to strides in the new car market, we launched our maiden venture in the pre-owned vehicle segment through Premium Warranty Services,” said GTCAD chairman Vince Socco.