GT Capital earns P23 billion in 9 months

MANILA, Philippines — GT Capital Holdings Inc., the listed conglomerate of the Ty family, saw its profit drop in the first nine months amid a broader slowdown in the country’s economic growth, driven by domestic and global uncertainties.

GT Capital reported a 10-percent year-on-year decline in net income during the period to P23.3 billion.

“While the macroeconomic environment remained challenging in the third quarter, our operating companies stayed resilient and in line with expectations – sustaining their respective businesses, managing costs and responding to the volatile market conditions,” GT Capital president Carmelo Maria Luza Bautista said.

Bautista said GT Capital’s solid balance sheet, diversified portfolio and prudent financial management provide the group with the capacity to manage these headwinds.

“We are well positioned to navigate prevailing market conditions, pursue emerging opportunities and regain momentum as the economic landscape improves,” he said.

Despite a challenging environment, double-digit loan growth, improving margins and healthy fee income growth enabled Metrobank to post a net income of P36.3 billion from January to September.

The bank also managed to maintain strong asset quality and capital buffers during the period.

Metrobank president Fabian Dee attributed the bank’s resilience and strength to its robust fundamentals and prudent approach to managing its core businesses.

“With the economic landscape still uncertain, we will continue to invest in our capabilities to better serve our customers, while managing risks prudently,” Dee said.

Toyota Motor Philippines Corp., meanwhile, recorded a net income of P11 billion and revenues of P176.3 billion, reflecting an industry-wide slowdown in vehicle sales during the first nine months of the year, partially offset by a rebound in monthly sales in September.

TMP, however, maintained its position as the automotive market leader, with total sales of 151,457 units and capturing a 49.3-percent market share.

“Despite prevailing market conditions, TMP remained committed to strengthening its mobility offerings to support the evolving needs of Filipino motorists and commuters. We will continue to build on this momentum as we anticipate further recovery in the sector in the remainder of the year,” TMP president Masando Hashimoto said.

Federal Land Inc., GT Capital’s wholly owned property subsidiary, is advancing its residential, commercial and hospitality portfolio, while its joint venture with Japan’s Nomura Real Estate Development Co. Ltd., Federal Land NRE Global Inc., also continues to build momentum across its developments.

Federal Land is redeveloping Blue Bay Walk within its Met Park township in Pasay City, alongside developing sports and recreational facilities to enhance the estate’s retail, leisure and lifestyle offerings.

Its subsidiary, Horizon Land, is completing Quantum Residences along Taft Avenue, while renovation work is underway at Marco Polo Plaza Cebu ahead of the hotel’s 20th anniversary.

AXA Philippines Life and General Insurance Corp., for its part, sustained its growth momentum in the first nine months, with gross premium rising by 20 percent year-on-year to P32.6 billion.