Manila, Philippines - GT Capital Holdings Inc., the listed investment holding firm of taipan George S.K. Ty, is seeking out new partnerships and market opportunities that will allow it to surge ahead as the local economy achieves greater prosperity.
GT Capital chairman Arthur Ty said the group is constantly in search of high growth projects with the aim of continuing its successful business model of forging strategic alliances with global industry players in the right direction.
Its existing global partners include Japan’s largest automaker Toyota Motor, AXA Group of France, ANZ, Formosa, Mitsui, Orix and Sumitomo.
Ty said GT Capital is ready to take on the challenges as it prepares for opportunities it can exploit in its existing portfolio which include banking, real estate, power generation, automotive and insurance.
“Expansion of the economic landscape translates to greater requirements for financial services, stronger end-user demand for real estate, higher automobile purchases, increased power consumption, and the pressing need for life insurance – GT Capital will be there to reap the gains. As the economy continues to grow, so will we, “ Ty said.
Among the areas the group is looking to penetrate include infrastructure. It earlier said it was interested in bidding for the operation of the Bohol Airport under the government’s Public-Private Partnership (PPP) framework.
Ty said the company sustained its upward trajectory in the second quarter with core business units Metropolitan Bank & Trust Co., Global Business Power Corp., Federal Land, Toyota Motor Philippines and Philippine AXA Life Insurance Corp. showing significant growth.
“Our companies have done well, and we expect even more in the years ahead,” said Ty.
Despite a tough business environment last year, GT Capital chalked up a 11 percent growth in net income to P3.45 billion on the back of a 26.3 percent rise in revenues to P7.97 billion. Total assets expanded 36.6 percent to P70.1 billion.
Metrobank’s loan portfolio has also been growing even without the anticipated funding surge from the government’s delayed PPP program.
TMPC, on the other hand, enjoyed its highest monthly vehicle sales in May at 5,977 units, mainly due to strong consumer spending.
Property arm Federal Land registered a 50 percent rise in reservation sales in the first five months of the year to P5.5 billion, maintaining the monthly average of P1 billion.
“We are confident that the steady growth in reservation sales is sustainable given the availability of fixed, low interest rates in the market. The backlog for housing was always there, now with accessible financing there is also affordability,” said Federal Land president Alfred Ty.
In May, GBPC signed an engineering, procurement and construction contract with Formosa Heavy Industries for the development of a new 82-megawatt coal-fired power plant that will increase the capacity of the existing Toledo facility in Cebu.
It is scheduled for completion by end-2015.
AXA Life grew its new business by 45 percent at end-May, benefitted from the effects of a growing agency force. It is targeting to double its agency force to 3,000 by 2015.