GT Capital H1 profit surges 62% to P9.1B

Ty family-led GT Capital Holdings Inc. grew its first half net profit by 62 percent year-on-year to P9.1 billion on higher earnings from its automotive, real estate and bancassurance businesses.

Excluding a one-time gain from the sale of its 56-percent stake in power generation unit Global Business Power Corp. (Global Power) to the First Pacific group, GT Capital’s core profit rose by 16 percent year-on-year to P6.2 billion.

Consolidated revenues for the six-month period rose by 40 percent to P102.4 billion on robust vehicle sales from Toyota Motor Philippines Corp. (TMP), sustained real estate sales and higher contributions from the net income of associates.

“Our strong performance for the first half of the year mirrors the country’s macro economy,” GT Capital president Carmelo Maria Luza Bautista said in a statement.

Last May, GT Capital entered into a strategic partnership with MPIC, which involved the sale of GT Capital’s 56-percent stake in Global Power to MPIC affiliate Beacon Powergen Holdings Inc. In exchange, GT Capital acquired a 15.55- percent direct ownership in MPIC, becoming the second largest shareholder of the infrastructure holding firm.

TMP, the country’s leading car company, grew its six-month net profit by 33 percent to P6.9 billion on the back of a 33-percent jump in revenues to P71.3 billion.

Property arm Federal Land Inc. grew its net profit for the first semester by 4 percent to P705 million.

Mass housing developer Property Company of Friends Inc. nearly doubled its six-month net income to P750.1 million in the first half.

Banking arm Metropolitan Bank & Trust Co. booked a consolidated net income of P9.1 billion for the first six months, lower than the P9.3 billion posted in the same period last year.  Excluding one-off items in the previous year, core earnings rose by around 5 percent.

Bancassurance AXA Philippines increased its six-month net profit by nearly 20 percent year-on-year to P853.6 million.