GT Capital H1 net up 51%

Taipan George Ty-led conglomerate GT Capital Holdings Inc. posted a 51-percent year-on-year growth in its first-semester net profit to P6.1 billion, driven largely by the strong strong performance of banking arm Metropolitan Bank and Trust Co.

“GT Capital continues to directly benefit from the sustained buoyant performance of the Philippine economy, which grew by 7.8 percent in  January to March of 2013. Our dominant position in the sectors where we are present enables our company to deliver favorable results,” said GT Capital chair Arthur Ty.

Group-wide consolidated revenue surged by 394 percent to P49.2 billion from the level last year.

Bancassurance unit AXA Life Insurance Corp., property arm Federal Land Inc., automotive arm Toyota Motor Philippines Corp. and power generation unit Global Business Power Corp. also contributed to the strong first semester growth of the group.

Metrobank posted a record-high six-month net profit of P18.1 billion, more than double the level last year.

Automotive unit Toyota posted a first-semester net profit of P2.3 billion, up by 47 percent year-on-year.

Global Power reported 15.4-percent drop in its six-month net profit to P1.1 billion due to soft electricity prices during the period.

Property unit Federal Land grew its six-month core net income by 52 percent year-on-year to P453.3 million.