GT Capital profit grows 19% to P7.4B
Ty family-led conglomerate GT Capital Holdings Inc. posted a 19-percent growth in first semester core net profit to P7.4 billion on higher earnings from its banking, insurance and real estate businesses.
Including one-off items, GT Capital posted a 21-percent decline in six-month net profit to P7.24 billion as gains were recognized from the sale of investments in the same period last year.
GT Capital’s consolidated revenues rose by 18 percent to P108.2 billion in the first half due to record auto sales from Toyota Motor Philippines (TMP), robust real estate sales from Federal Land, Inc. (Federal Land) and Property Company of Friends, Inc. (Pro-Friends) alongside higher equity in net income of associates.
“GT Capital’s first half 2017 financial results are in line with expectations due to the healthy contributions from our core businesses. The sustained strength of the domestic economy for the first six months of 2017 reinforced our company’s solid performance. We look forward to the rest of the year with optimism as our component companies continue to be on track with their growth and expansion objectives,” GT Capital president Carmelo Maria Luza Bautista said in a press statement.
TMP, the country’s dominant automotive company, posted P6.4 billion in consolidated net income, down by 7.2 percent year-on-year due to higher operating costs. Consolidated revenues grew by 15 percent to P82.1 billion.
Toyota also achieved retail sales of 85,728 vehicles in the first semester, up by 18 percent year-on-year, remaining the industry leader with an overall market share of 39 percent. Strong sales came from the Vios, Fortuner, Innova, and Avanza models.
Metropolitan Bank & Trust Co. booked a consolidated net income of P9.5 billion in the first six months, up by 5 percent compared to the same period last year, on higher lending activities.
Affiliate Metro Pacific Investments Corp. reported a 17-percent rise in consolidated core net income to P7.8 billion on robust traffic on toll roads, an expanded power portfolio and continuing growth in the hospital group.
Property investments through Federal Land and Pro-Friends made a combined P8.9 billion in consolidated revenues during the semester, rising by 14 percent. Together, the two property developers reported a combined net income amounting to P1.5 billion in the first half.
Insurer AXA Philippines’ total sales in annualized premium equivalent grew by 28 percent year-on-year in the first semester to P3 billion. Consolidated life and general insurance total premium income increased by 21 percent to P14.5 billion in the first half, resulting in a 61 percent year-on-year growth in consolidated net income to P1 billion.
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