GT Capital nets P12.3B
Ty family-led conglomerate GT Capital Holdings Inc. saw a 46-percent year-on-year growth in net profit in the first nine months to P12.3 billion on higher earnings from its automotive, property and insurance businesses.
Excluding extraordinary gains, core net income amounted to P9.3 billion for the nine-month period, 23 percent higher than the level in the same period last year, the conglomerate said in a regulatory filing on Tuesday.
Nine-month consolidated revenues rose by 38 percent to P157.1 billion, primarily driven by sustained strong vehicle sales from Toyota Motor Philippines Corp. (TMP) and Toyota Manila Bay Corp. (TMBC), as well as higher contributions from net income of associates, particularly Metro Pacific Investments Corporation (MPIC).
“GT Capital’s financial results as of September show solid contributions from all our business segments. The strong performance also reflects the positive impact of the various strategic
initiatives we implemented during the first half of the year. We remain confident that this
favorable momentum in our core business is sustainable for the last quarter and into the
coming year,” GT Capital president Carmelo Maria Luza Bautista said.
TMP’s nine-month net profit rose by 36.8 percent year-on-year to P10.5 billion. Consolidated revenues increased by 40 percent to P115 billion in the same period this year as the country’s leading automotive company reported a 28-percent year-on-year growth in retail sales to 114,419 units.
Robust sales from the Vios, Wigo, Hiace, Fortuner, Innova, Avanza, and Hilux models contributed to TMP’s results.
Article continues after this advertisementTMP upheld its dominance in the auto industry with an overall market share of 39 percent, bolstered by higher sales volumes arising from the all-new model launches of the Fortuner and Innova in March and April, respectively.
Article continues after this advertisementIt was earlier reported that banking arm Metropolitan Bank & Trust Co. had reported an unaudited consolidated net income of P12.6 billion for the first nine months, down by 5.1 percent year-on-year.
Property arm Federal Land Inc. improved its nine-month net income by 6 percent to P1.14 billion,
Total revenues amounted to P7.5 billion for the period. Rental income improved by nearly 7 percent to P625.1 million for the period, driven by leases in GT Tower International, Blue Bay Walk,
and AXA Center. Real estate sales amounted to P5.9 billion in the first nine months.
Another property arm, Property Company of Friends Inc.’s (Pro-Friends), reported an 8.3 percent decline in nine-month net profit to P785 million.
Philippine AXA Life Insurance Corp. (AXA Philippines)’s combined net income rose by 14 percent year-on-year to P1.3 billion. Total life insurance sales in annualized premium equivalent from January to September increased by 4 percent year-on-year to P3.7 billion.Total premium revenues, inclusive of Charter Ping An Insurance Corp. from April 2016 onwards, grew by 5 percent year-on-year to P18.1 billion during the nine-month period. Growth in operating margins from insurance premiums and asset management fees contributed to AXA Philippines’ financial performance.
Meanwhile, affiliate infrastructure holding firm Metro Pacific Investments Corp. reported a 13 percent growth in consolidated core net profit to P9.3 billion for the nine-month period on the back of a 23-percent increase in consolidated revenues to P33.1 billion. GT Capital owns 15.55 percent of MPIC.
