GT Capital nets P3.7B | Inquirer Business

GT Capital nets P3.7B

/ 02:28 PM May 15, 2018

GEORGE Ty, Metrobank

Tycoon George Ty-led GT Capital Holdings posted a 21-percent year-on-year growth in first quarter net profit to P3.74 billion on higher share of earnings from its banking, insurance and infrastructure businesses.

Excluding one-off items, GT Capital’s three-month core profit rose by 18 percent year-on-year to P3.75 billion, the company disclosed to the Philippine Stock Exchange on Tuesday.


GT Capital booked consolidated revenues of P45.5 billion in the first three months, owing to higher equity in net income of associates Metropolitan Bank and Trust Co. (Metrobank), AXA Philippines and Metro Pacific Investments Corp.

“The interim soft numbers for the auto sector during the first quarter resulted from the front- loading of orders late last year in anticipation of the new excise tax. We expect sales to normalize by the second half of the year. Nevertheless, significant contributions from our associate companies Metrobank, Metro Pacific, and AXA Philippines resulted in strong first quarter growth,” GT Capital President Carmelo Maria Luza Bautista said.


Read Next
Don't miss out on the latest news and information.

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.

TAGS: Carmelo Bautista, GT Capital Holdings Corp., GTCAP
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

© Copyright 1997-2021 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.