GT Capital nets P6.3B

MANILA, Philippines–GT Capital Holdings Inc. saw its net income in the nine months to September hit P6.3 billion, led by the performance of its automotive, power and real estate businesses, a regulatory filing yesterday showed.

The holding firm of tycoon George S.K. Ty reported that revenues for the period reached P38.8 billion, up 40 percent. From July to September, GT Capital’s consolidated net income rose by 46 percent year on year to P2.4 billion from the P1.6 billion registered in 2013.

GT Capital’s revenue rise was brought on by higher vehicle sales of Toyota Motor Philippines Corp. (TMP), improved net fees of Global Business Power Corp. (GBPC), and the continued robust real estate sales of Federal Land Inc., the company said in a statement.

Toyota’s total revenues hit P77.2 billion, up 33 percent during the nine month period. TMP’s retail market share for the period reached almost 40 percent.

Also, GBPC attained revenues of P14.3 billion from January to September 2014, a 14.5 percent increase from P12.5 billion in 2013, GT Capital said.

The power company’s net income for the period was 8 percent higher at P1.7 billion as compared with the P1.6 billion posted during the same period last year.

Federal Land’s net income from January to September 2014 increased by 26 percent to P1.1 billion, while total revenues reached P7 billion, up 16 percent.

Unit Metropolitan Bank & Trust Company reported a consolidated net income of P13.1 billion for the first nine months of 2014, the filing showed.

Philippine AXA Life Insurance Corp. total sales in annualized premium equivalent from January to September this year reached P2.8 billion, from last year’s P2.6 billion.

Editor’s Note. The original version of this story misstated GT Capital’s net income for the first nine months of the year. It is not P7.7 billion, but P6.3 billion.