GT Capital nets P11B

Ty family-led GT Capital Holdings Inc. grew its core nine-month net profit by 19 percent year-on-year to P11 billion on higher earnings from its banking, insurance and infrastructure businesses.

Including one-off items, GT Capital’s nine-month net fell by 12 percent year-on-year to P10.82 billion in the absence of nonrecurring gains from sale of investments that boosted comparative earnings last year.

GT Capital’s consolidated revenue rose by 16 percent to P169.5 billion in the first nine months on the back of market-leading car sales from Toyota Motor Philippines Corp. (TMP) and Toyota Manila Bay Corp. (TMBC), as well as higher equity in net income of associates led by insurance arm AXA Philippines and investee firm Metro Pacific Investments Corp. (MPIC).

Earlier, banking arm Metropolitan Bank & Trust Co. reported a consolidated net income of P13.2 billion in the first nine months, up by 5 percent year-on-year due to higher earnings from core lending activities.

Automotive arm TMP saw a 5.7-percent year-on-year drop in nine-month net profit to P9.9 billion. This was due to higher costs brought about by an unfavorable foreign exchange differential, increased advertising/promption expenses and operating/overhead expenses.

Nonetheless, Toyota posted vehicle sales of 132,721 units from January to September, up 16 percent year-on-year. TMP thus continued to lead the Philippine auto sector with a 39.4-percent market share.

GT Capital’s property investments—Federal Land and Property Company of Friends—reported a combined net profit of P1.9 billion in the first nine months, down 1.5 percent year-on-year. They posted a P12.9-billion consolidated revenue, up 13 percent year-on-year.

Insurance arm AXA Philippines posted a 31-percent growth in net income to P1.8 billion in the first nine months. Total sales of annualized premium equivalent rose by 26 percent year-on-year to P4.7 billion while protection and health business grew by 38 percent. —DORIS DUMLAO-ABADILLA