GT Capital profit up 21% in ’16

Ty family-led GT Capital Holdings Inc. grew its net profit last year by 21 percent to P14.6 billion due to higher earnings from its automotive business, coupled with gains from the sale of its power generation unit.

“We diversified our investment portfolio, shifting from power generation to infrastructure and utilities with our strategic investment into Metro Pacific (Investments Corp.). We consolidated our life and non-life insurance businesses in order to achieve scale and synergy. We invested in the affordable housing sector, boosting our landbank with over 1,600 hectares of prime property for future development,” GT Capital president Carmelo Maria Luza Bautista said in a statement.

GT Capital’s consolidated revenues increased by 44 percent to P202.1 billion on the back of robust sales from Toyota Motor Philippines Corp. (TMP) and Toyota Manila Bay Corporation (TMBC), higher contributions from associates, and gains from the sale of Global Business Power Corporation (Global Power).

TMP, the country’s leading automotive company, reported a 17-percent growth in consolidated net income to P11.9 billion last year. Consolidated revenues increased by 36 percent to P155.8 billion. The company sold 158,728 units last year, up by 27 percent from a year ago.

Metropolitan Bank & Trust Co., meanwhile, reported a consolidated net income of P18.1 billion in 2016, down by 2.89 percent on slower-than-expected growth in interest earnings, lower profit from sale of foreclosed assets and higher loan loss provisioning. Still, net income in the fourth quarter alone rose by 3 percent to P5.5 billion.

Federal Land Inc. and Property Company of Friends Inc. (Pro- Friends) made P17.3 billion in consolidated revenues last year. The two property developers reported a net income amounting to P3 billion in 2016. Doris Dumlao-Abadilla