GT Capital 9-month net jumps 168%
Ty family-led GT Capital Holdings’ nine-month net profit surged by 168 percent year-on-year to P8.7 billion as its banking, automotive and property businesses staged a strong recovery from last year’s disruptions at the height of pandemic-related lockdowns.
For the third quarter alone, the conglomerate booked a net profit of P1.99 billion, about four times better than the bottomline in the same period last year.
With the nine-month performance, GT Capital has delivered about 73 percent of the earnings that market consensus expects it to deliver for the whole year despite the stringent lockdowns reimposed by the government in August.
“The more recent decline in reported COVID-19 cases, the lifting of mobility restrictions, and the increased number of fully vaccinated individuals in key cities have resulted in a noticeable resurgence of consumer confidence. This gradual return to prepandemic conditions will result in positive momentum for the last quarter of the year, paving the way for an even more robust recovery in the coming year. With our group having achieved close to 100 percent vaccination of all GT Capital Group employees and agency staff, we are well positioned to resume our path to full recovery,” Carmelo Maria Luza Bautista, president of GT Capital, said in a disclosure to the Philippine Stock Exchange.
Compared to the second quarter net profit of P2.6 billion, however, GT Capital’s bottomline sequentially declined by 23.5 percent amid the reimposition of tougher quarantine protocols especially in Metro Manila.
Banking , automotive units
It was earlier reported that its banking arm Metropolitan Bank & Trust Co. grew its nine-month net profit by 46 percent year-on-year to P16.1 billion as loan loss provisioning expense declined compared to last year. This accounted for about 72 percent of the earnings that market consensus expects the bank to deliver for the full year.
Toyota Motor Philippines (TMP) chalked up P4.6 billion in net profit in the first nine months, surging by 112 percent year-on-year as consolidated revenue jumped by 49 percent to P94.3 billion.
TMP sold 92,318 units to the retail market during the nine-month period, 46 percent better than retail sales last year. Total unit sales grew by 25 percent to 201,489 from 161,212 units in the previous year.
“We ended the third quarter on a positive note, with Toyota new vehicle sales in September recovering from August. TMP significantly outpaced the industry in terms of growth this year, resulting in a dominant market share of 45.8 percent. The recent launches of GR models have led to increased customer interest,”said Vince Socco, chair of GT Capital Auto Dealership Holdings Inc.
In addition to strides in the new car market, we launched our maiden venture in the pre-owned vehicle segment through Premium Warranty Services. Our goal at Premium is to help create a more transparent selling, buying, and ownership experience in the pre-owned car market. To complement this business, we will soon commence operations of JBA Philippines, our used-car auction platform that will further enhance our penetration of the used car market,” Socco added.
GT Capital’s wholly-owned property subsidiary Federal Land reported a consolidated net income of P904 million in the first three quarters of this year, up by 425 percent year-on-year, on the back of stable construction activities and stronger project sales. The company posted total revenues of P7.7 billion in the first nine months, marking a 24 percent increase year-on-year.
AXA Philippines’ net income reached P2.2 billion for January to September period, flat from P2.3 billion in the previous year. Consolidated life and general insurance gross premiums increased by 28 percent to P32.8 billion, driven by the life segment, which rose by 35 percent year-on-year. Single premium sales improved by 80 percent year-on-year, bringing AXA’s life insurance sales in annualized premium equivalent to P4.7 billion in the first nine months from P3.7 billion in the same period last year. INQ
