MANILA, Philippines—GT Capital Holdings Inc. of tycoon George Ty saw a 57.5-percent decline in its first-quarter net profit to P1.7 billion due to the slowdown in the earnings of its banking, insurance and power-generation businesses.
GT Capital’s consolidated revenues in the first three months of this year grew by 40 percent to P31.1 billion, driven by higher sales of Toyota Motor Philippines Corp. and Federal Land Inc.
“Notwithstanding the anticipated softer growth during the first quarter of this year, GT Capital continued with its strategic consolidation initiatives. During the period, the company acquired Toyota Cubao Inc. and increased its direct ownership in Charter Ping An Insurance Corp. and Toyota Manila Bay Corp,” said GT Capital Arthur Ty.
Banking unit Metropolitan Bank & Trust Co. reported a consolidated net income of P5.7 billion for the first quarter. It was half of what it earned last year.
TMP’s total revenues amounted to P23.6 billion, 28 percent higher than that of last year, thus increasing its consolidated net income by 25 percent to P1.4 billion.
Global Business Power Corp. reported a net income of P224.9 million from January to March—lower than the P390.7 million posted in 2013.
Federal Land’s net income increased by 83 percent year on year to P423.7 million. Total revenues were up by 38 percent to P2.3 billion.
Charter Ping An Insurance Corp. realized an 11-percent growth in gross premium written to P840.9 million this year.