GT Capital nets P4 B in 1st Q

MANILA, Philippines—Taipan George Ty’s GT Capital Holdings Inc. jacked up its first quarter net profit by 211 percent year-on-year to P4 billion on the back of its banking, property, automotive and bancassurance businesses.

Excluding non-recurring items, GT Capital’s net profit for the first quarter likewise expanded by 112 percent to P2.7 billion. Extraordinary gains were booked from the consolidation of Toyota Motor Philippines Corp. into the holding firm.

Consolidated revenues soared by 789 percent year-on-year to P22.3 billion in the first quarter partly as a result of the increase in GTCap’s direct ownership in Global Business Power Corp. and Toyota alongside higher income contribution from Metrobank and AXA Philippines and non-recurring gains from the Toyota consolidation.

“The strong performance of GT Capital during the first three months of 2013 indicates that we are on track in achieving our overall objectives for the year. We are encouraged with the prospects for further growth, given the recent positive economic developments and the continued healthy outlook for the Philippines,” said GTCap chair Arthur Ty.

Metrobank posted P11.4 billion in net profit for the quarter (+163 percent), making it the country’s most profitable bank for the period as trading gains and one-time gains from the sale of additional stake in Toyota to its parent conglomerate added to core interest earnings.

AXA Philippines also grew its first quarter net income by 98 percent to P324 million year-on-year. Total premium income grew by 71 percent to P4.7 billion as new sales of single premium contracts doubled while regular contracts likewise increased by 26 percent.

For its part, Toyota grew its net income by 49 percent to P1.1 billion as it sold 17,061 vehicles during the quarter equivalent to a 35-percent market share.

Federal Land grew its consolidated net income for the period by 117 percent to P240 million, riding on the robust property market. “Given the sustained resiliency of the property sector supported by low interest rates, Federal Land will continue to benefit from the strong market demand for its master-planned residential and commercial communities,” Federal Land president and GTCap vice chair Alfred Ty said.

On the other hand, Global Power posted a lower net profit of P390.7 million for the period versus P498.1 million last year due to lower peak consumption and soft electricity prices during the first quarter of the year.