GT Capital nets P3.4B in first three months of 2019 | Inquirer Business

GT Capital nets P3.4B in first three months of 2019

By: - Business Features Editor / @philbizwatcher
/ 02:26 PM May 14, 2019

MANILA, Philippines — Ty family-led GT Capital Holdings Inc. saw an 8.1-percent year-on-year decline in first quarter net profit to P3.4 billion, weighed down by a slowdown in the automotive business.

Excluding non-recurring items, GT Capital’s core profit slipped by 7.9 year-on-year to P3.5 billion in the first three months while group-wide revenues rose by 3 percent year-on-year to P47 billion.

Higher equity in net income of associates Metropolitan Bank & Trust Co. (Metrobank), AXA Philippines, and Sumisho Motor Finance Corp. (Sumisho), as well as from the conglomerate’s property investments, contributed to GT Capital’s financial performance.

Article continues after this advertisement

“Solid growth in our financial services component companies, the early signs of recovery in the automotive sector, as well as positive developments in our property businesses led to revenue growth for GT Capital during the period. Easing inflation, sustained government infrastructure spending and improved consumer confidence give us optimism for the rest of the year,” GT Capital president Carmelo Maria Luza Bautista said in a press statement.

FEATURED STORIES

The automotive business under Toyota Motor Philippines Corp. (TMP) saw a 25-percent drop in first quarter net profit to P1.8 billion as consolidated revenues were flat at P33.8 billion.

It was earlier reported that Metrobank had reported a 15-percent year-on-year growth in first quarter net profit on the back of higher interest earnings, fee-based income and treasury gains.

Article continues after this advertisement

Insurance arm AXA Philippines’ consolidated net income also rose by 46 percent year-on-year to P808.4 million in the first quarter.

Property development subsidiaries, Federal Land Inc. and Property Company of Friends Inc. (Pro-Friends), reported a combined net income of P431.1 million in the first quarter, up by 2 percent from the previous year.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

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

TAGS: 2019, Business, business news, GT Capital, local news, net profit, News, Philippine news updates, Q1

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

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

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.