GT Capital nets P8.6 B
Screen grab from www.gtcapital.com.ph
MANILA, Philippines — GT Capital Holdings Inc. grew its net profit last year by 31 percent to P8.6 billion on higher earnings from core businesses alongside gains from the consolidation of operating units.
GT Capital’s consolidated revenues for the period expanded by 359 percent to P105.5 billion over the previous year, mostly from the consolidation of Toyota Motor Philippines Corp. (TMP), Charter Ping An Insurance Corp. (Charter Ping An) and Global Business Power Corp. (GBPC).
Higher real estate sales from Federal Land, Inc. (Federal Land), higher net income contributions from Metropolitan Bank & Trust Co. (Metrobank) and Philippine AXA Life Insurance Corp. (AXA Philippines) and an extraordinary gain arising from the consolidation of TMP likewise contributed to the increase in revenues.
“The encouraging performance of our component companies, against the backdrop of the steady growth of the domestic economy, enabled us to achieve our full-year objectives. This was further bolstered by the clearly defined business synergies within the GT Capital group,” GT Capital chair Arthur Ty said in a press statement.
It was earlier reported that the group’s banking crown jewel Metrobank grew its net profit last year by 46 percent as extraordinary gains added to higher earnings from core businesses.
Apart from Metrobank, the following operating units posted higher profits in 2013:
• Automotive unit TMP grew consolidated net income by 50 percent to P4.2 billion as revenues went up by 10 percent to P80.2 billion;
• Life insurance unit AXA Philippines improved its net income by 30 percent to P1.2 billion as premium revenues rose by 49 percent to P18.3 billion;
• Property unit Federal Land’s core net income increased by 58.5 percent to P1 billion on the back of 85-percent rise in total revenues to P7.9 billion; and,
• Car dealership unit Toyota Manila Bay Corp. grew net income by 9 percent to P110.3 million as realized consolidated sales went up by 19 percent to P9.4 billion.
Commenting on the property unit’s results, company president Alfred Ty said: “Federal Land ended 2013 on a positive note with significant increases in booked revenues and rental income. Our projects continue to be on-track with sustained interest from customers in a market that remains buoyant.”
Meanwhile, these two operating units posted lower profits last year:
• Power generation unit Global Business Power’s net income declined by 13.6 percent to P1.9 billion on softer Wholesale Electricity Spot Market (WESM) prices as a result of lower peak power consumption during the early cold months of 2013, and subsequently the extreme damage wrought by SuperTyphoon Yolanda (or Haiyan) in the Visayas in November.
• Non-life insurance unit Charter Ping An’s profit dipped by 11.7 percent to P190 million due to higher than normal claims following the string of natural calamities that occurred in the latter part of 2013 but the company nevertheless registered a 39 percent improvement in gross premium to P3.2 billion.
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