MANILA, Philippines — A steep decline in the profit of its real estate unit offset gains in the banking and automotive businesses of GT Capital Holdings Inc., resulting in lower earnings for the Ty family-led conglomerate in 2024.
In a stock exchange filing on Wednesday, GT Capital said its net income ended at P28.8 billion, down 1.71 percent.
Core earnings, which excluded one-time gains from lot sales and incentives under the Comprehensive Automotive Resurgence Strategy program, climbed by 11 percent.
This performance was driven mainly by Metropolitan Bank and Trust Co. and Toyota Motor Philippines, with both companies reporting record-high earnings.
“We remain optimistic that our core businesses will sustain this growth momentum moving forward,” GT Capital president Carmelo Maria Luza Bautista said in their disclosure.
Meanwhile, a challenging market environment hit the earnings of Federal Land Inc., resulting in the decline in GT Capital’s net income.
READ: Bank, auto units temper GT Capital profit dip
