GT Capital net profit up 42% to P5.6B
Ty family-led conglomerate GT Capital Holdings Inc. grew its first-semester net profit by 42 percent year-on-year to P5.6 billion on higher earnings from its automotive, banking, power and insurance businesses.
Six-month consolidated revenues jumped 12 percent to P74.3 billion, driven by the record-setting vehicle sales of Toyota Motor Philippines Corp. (TMP) and bigger net income contributions from other units, the conglomerate reported to the Philippine Stock Exchange Friday.
“GT Capital’s January-to-June results were at pace with our expectations. Supported by benign inflation, heftier government spending and the overall positive macroeconomic indicators projected for the rest of 2015, we remain confident in continuing the momentum we have achieved,” GT Capital chair Francisco Sebastian said.
Banking arm Metropolitan Bank and Trust Co. (Metrobank) remained the biggest contributor to group-wide net income. It reported a 30-percent increase in first-semester core net profit, with an unaudited consolidated net income of P9.3 billion. It delivered double-digit growth in both loans and deposits and realized stronger contributions from fee based-income.
The next biggest profit contributor was TMP, whose six-month net income grew by 69 percent year-on-year to P5.1 billion on the back of a 9-percent rise in revenues to P53.4 billion. TMP, the country’s leading automotive company, sold on a retail basis 57,717 vehicles during the first six months, 19-percent higher year-on-year. Overall retail market share remained dominant at 39 percent.
Power unit Global Business Power Corp. (GBPC) chalked up a first semester net income of P1.2 billion, marking a 26-percent increase even as net fees eased to P8.9 billion from P9.2 billion in the previous year.
Life insurance unit AXA Philippines boosted net profit by 27 percent to P710 million. Total sales in annualized premium equivalent in the first semester amounted to P2.4 billion, rising by 34 percent year-on-year.
Property arm Federal Land Inc. posted a six-month net profit of P690 million, slowing from P720 million in the same period last year. The property company reported total revenues of P4.6 billion, modestly rising from P4.4 billion in the previous year. Six-month real estate sales amounted to P3.5 billion, rising by 6 percent while rental income rose by 24 percent year-on-year to P390 million. Doris Dumlao-Abadilla
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.