GT Capital income up 44% to P7.7B

GT Capital Holdings Inc. said profit during the nine months through September jumped 44 percent to P7.7 billion due to higher contributions from units, including Metropolitan Bank and Trust Co. (pictured), which reported a consolidated net income during the period of P20.7 billion, more than double its P10.2 billion during the same period last year. FILE PHOTO

MANILA, Philippines—GT Capital Holdings Inc., the holding company of tycoon George S.K. Ty, said profit during the nine months through September jumped 44 percent to P7.7 billion due to higher contributions from units, its increased exposure in its automotive and power generation companies, and a nonrecurring gain.

A filing with the Philippine Stock Exchange on Thursday showed that GT Capital’s revenues also increased 362 percent to P77.2 billion, as the company continued to consolidate its businesses.

The company said the revenue jump came from larger earnings contributions from Metropolitan Bank and Trust Co., Federal Land Inc. and AXA Life Insurance Corp.

In addition, the company increased its director ownership in Toyota Motor Philippines Corp., the country’s biggest automotive company, and Global Business Power Corp., a major power producer mainly operating in Visayas.

“GT Capital’s strong performance is a result of inherent growth within the key sectors where the component companies operate, together with our consolidation strategy, which continues to create value through synergy,”  GT Capital chair Arthur Ty said in the statement.

Metrobank reported a consolidated net income during the period that hit P20.7 billion, more than double its P10.2 billion during the same period last year.

Toyota Motor Philippines Corp. realized a net income of P3.2 billion, up 26 percent. The company sold 55,334 vehicles during the nine-month period, translating to a 36-percent market share.

Global Business Power reported a net income of P1.6 billion during period, up from P2.1 billion last year.

Federal Land, meanwhile, reported that core net income rose 93 percent to P847 million as revenues hit P6 billion, up 32 percent.

AXA Philippines increased profit to P1 billion, up 59 percent as premium revenue grew 59 percent to P13.9 billion.