Ty family holding firm posts P489-M profit in Q3

Ty family-led conglomerate GT Capital Holdings Inc. reported an improvement in third-quarter net profit coming from the second quarter, during which the strictest lockdown protocols had been in place to curb the coronavirus pandemic.

GT Capital delivered P489 million in consolidated July-to-September net income, much better than the P198 million in net income in the second quarter. Compared to the level a year ago prior to the COVID-19 pandemic, third quarter net profit fell by 93.9 percent.

Excluding nonrecurring items, GT Capital’s third-quarter core net income increased by 71 percent to P574 million from the second quarter, although it went down by 87.5 percent year-on-year.

For the nine-month period, GT Capital’s consolidated net income amounted to P3.2 billion, down by 78.8 percent year-on-year. Taking out nonrecurring items, core profit fell by 69.2 percent year-on-year to P3.7 billion during the nine-month period.

GT Capital’s consolidated revenues reached P85.6 billion in the first nine months, down by 46.3 percent year-on-year.

“While the July results showed early signs of recovery, the return to modified enhanced community quarantine in August abruptly reversed the growth momentum. Nevertheless, we continue to push our way back to pre-COVID-19 performance levels, while astutely managing our operating costs across all lines of business,” GT Capital president Carmelo Maria Luza Bautista said in a press statement on Monday.

Automotive arm Toyota Motor Philippines (TMP) booked a consolidated net income of P2.2 billion during the nine-month period, down by 70.7 percent year-on-year. TMP’s consolidated revenues slid by 47.8 percent year-on-year to P63.3 billion.

Toyota reported retail vehicle sales of 63,182 units for January to September, 44.6-percent lower than the output in the same period last year. The local market leader, Toyota had a 39.2-percent market share in the first nine months. It also achieved its highest monthly sales level, since the imposition of community quarantines, in September at 10,657 units. It also held virtual launches of the all-new Hiace Cargo and Vios in July, Corolla Cross in August and Hilux in September.

“With the country gradually shifting to the new normal, we remain cautiously optimistic about the prospects for the rest of the year as consumer confidence begins to recover,” GT Capital Auto Dealership Holdings chair Vince Socco said.

Property arm Federal Land Inc. booked a consolidated net income of P172 million in the first nine months, down by 77.6 percent year-on-year, due to the stoppage and slowdown of construction activities during the quarantine periods. Revenues amounted to P6.2 billion, down by 34 percent year-on-year.

Amid the pandemic, AXA Philippines’ consolidated net income grew by 21 percent year-on-year to P2.3 billion in the nine months to September, driven by higher single premium sales and improved revenues from protection and health insurance products.

Meanwhile, it was earlier reported that Metrobank’s nine-month net profit fell by 48.79 percent year-on-year to P11 billion due to higher provisioning against probably credit losses. INQ