GT Capital net profit in Q1 up

Ty family-led conglomerate GT Capital Holdings Inc. grew its first quarter net profit by 5 percent year-on-year to P2.95 billion, driven by higher earnings across all its businesses.

GT Capital’s nonlife insurance subsidiary incurred a nonrecurring reinsurance expense in the first quarter, without which net profit would have expanded by 12 percent, the conglomerate told the Philippine Stock Exchange.

Consolidated revenues in the first three months rose by 16 percent year-on-year to P40.8 billion.

The revenue growth was fueled by robust vehicle sales from Toyota Motor Philippines Corp. (TMP), higher kilowatt-hour (kWh) sales realized by Global Business Power Corp. (GBPC) and sustained real estate sales from Federal Land Inc. (Federal Land) and Property Company of Friends Inc. (Pro-Friends).

“Despite macroeconomic headwinds, the company sustained its growth trajectory,” GT Capital chair Arthur Ty said.

Banking arm Metropolitan Bank & Trust Co. reported a consolidated net income of P5.25 billion for the first quarter, up by 3 percent year-on-year.

TMP, meanwhile, posted an 18 percent year-on-year growth in consolidated income to P2.8 billion while GBPC reported a net income of P397.5 million.

Federal Land Inc. posted a 39 percent year-on-year growth in first-quarter net profit to P440.7 million while Pro-Friends reported a 251 percent rise in net income to P563.2 million.

AXA Philippines’ net income for the quarter improved by 6 percent year-on-year to P388 million.