GT Capital core profit jumped 29% in 2017

The Ty family’s GT Capital Holdings Inc. saw its earnings increase in 2017, bolstered by its banking, automotive and infrastructure businesses.

GT Capital disclosed to the Philippine Stock Exchange yesterday that core profit rose 29 percent to P15 billion last year from 2016 level. Total revenue was up 19 percent to almost P240 billion.

GT Capital attributed the profit increase to strong sales posted by Toyota Motor Philippines Corp. (TMP) and better results from associates Metropolitan Bank & Trust Co. (Metrobank), AXA Philippines and Metro Pacific Investments Corp.

“GT Capital’s key sectors continue to be in the sweet spot, in line with our country’s stage of economic development, reaping demographic dividends,” GT Capital president Carmelo Maria Luza Bautista said in a statement.

TMP recorded a 19-percent growth in consolidated revenue to P185.3 billion in 2017. Retail sales volume during the period hit 183,908 units, up 16 percent.

“Toyota maintained its industry-leading position with an overall market share of 39 percent, reinforced by continued strong sales of the Fortuner, Vios and Innova models,” GT Capital said.

TMP’s consolidated net income grew by 11 percent to P13.4 billion in 2017.

Metrobank reported a consolidated net income of P18.2 billion in 2017, up 10 percent on a core basis.

The bank ended the year with total deposits of P1.5 trillion, with low-cost deposits rising 12 percent to P950 billion.

Metro Pacific reported a 17- percent rise in consolidated core net income to P14.1 billion last year. Earnings were boosted by an expanded power portfolio following further investments in Beacon Electric Asset Holdings Inc., traffic growth on all roads held by Metro Pacific Tollways Corp. and growth in the hospital group.

GT Capital also cited higher revenues posted by its property arm, composed of Federal Land Inc. and Property Company of Friends Inc.