Ty holding firm net income up 38%

GT Capital Holdings Inc., the listed holding firm of tycoon George S.K. Ty, said profit last year rose as it rode on improving economic prospects that bolstered sales of its key car, power and real estate businesses.

GT Capital said in a stock exchange filing Thursday that 2014 core profit rose 38 percent to P9.1 billion, although consolidated profit was up by a more modest 6 percent to P9.2 billion, as this considers a P2-billion non-recurring income item booked in 2013. Profits in the fourth quarter of 2014 jumped 214 percent to P2.8 billion, it noted in its filing.

The company, whose portfolio includes Toyota Motor Philippines, Global Business Power Corp., Federal Land Inc., Metropolitan Bank and Trust Co., and insurance company AXA Philippines, said total revenues hit P143.1 billion, up 35 percent, in 2014.

Those figures came in line with internal forecasts, GT Capital chair Francisco Sebastian said in a statement.

“As initially planned, GT Capital has now attained a more evenly distributed income contribution profile from its subsidiaries and affiliates,” he said.

“We face 2015 and beyond with renewed confidence in the group’s inherent capabilities, as we continue to bolster organic growth while looking out for new diversification opportunities for our portfolio,” Sebastian added.

A big chunk of last year’s gains came from Toyota Motors, which also had its best year in terms of retail car sales with 106,100 vehicles sold, up 40 percent year-on-year. Toyota, which extended its market share to close to 40 percent , said the rest of the market grew by 27 percent.

That growth helped Toyota Motor book P104.9 billion in revenues, up 30 percent, while its consolidated net income surged 71 percent to P7.3 billion in 2014.

Global Business Power, whose power assets are mainly in Visayas, said revenues in 2014 hit P19.2 billion, up 12 percent. Its net income for the year rose 18 percent to P2.3 billion.

Federal Land’s net income from January to December 2014 was higher by 48 percent to P1.5 billion, GT Capital said. Total revenues amounted to P9.4 billion, up 19 percent.