GT Capital’s profit soars by 97% to P6.5B

GT Capital Holdings Inc., which is led by tycoon George Ty, reported a 97-percent jump in its net profit last year to P6.5 billion, due mainly to the strong performance of its banking, power generation, car distribution, property development and insurance units.

Taking out extraordinary items, GT Capital’s core net income still grew by 63 percent to P5.4 billion last year.

Consolidated revenue soared by 189 percent to P23 billion. This was brought about by the consolidation of a controlling stake in power unit Global Business Power Corp. (GBPC) into its books starting May last year and the higher contribution from its associates, as well as non-recurring gains realized by property unit Federal Land and GBPC.

“GT Capital continues to be a direct beneficiary of the highly favorable macroeconomic environment. The encouraging full-year results delivered by our five component companies have been fueled by the sustained growth in domestic consumption, coupled with the strong business synergies created within the group,” GT Capital chair Arthur Ty said in a press statement.

The group’s banking crown jewel, Metropolitan Bank and Trust Co., earlier reported a 40-percent growth in consolidated net profit to P15.4 billion.