MANILA, Philippines - GT Capital Holdings Inc., the investment firm of banking tycoon George S.K. Ty, nearly doubled its income last year on the back of better performance of its operating units.
In a regulatory filing, GT Capital said its consolidated net earnings surged 97 percent to P6.5 billion.
Core net income, which excludes non-recurring factors like currency and derivatives-related items, jumped 63 percent to P5.4 billion from P3.3 billion a year earlier.
It was backed by strong revenues, which nearly tripled to P23 billion last year from P8 billion of GT Capital’s operating units.
GT Capital said the large increase in revenues resulted from the consolidation of Global Business Power Corp. (GBPC) in May, higher net income contributions from its associates, and the non-recurring gains realized by Federal Land Inc. and GBPC.
“GT Capital continues to be a major beneficiary of the highly favorable macroeconomic environment,†said GT Capital chairman Arthur V. Ty.
“This encouraging full-year results delivered by our five component companies have been fueled by the sustained growth in domestic consumption, coupled with the strong business synergies created within the group,†Ty added.
GT Capital is into banking (Metropolitan Bank & Trust Co.), property (Federal Land), automotive (Toyota Motor Philippines Corp.), power production (GBPC) and insurance (Philippine AXA Life Insurance, which is a joint venture with the global insurance giant AXA Group).
All operating units of GT Capital recorded profitable performance last year.
Metrobank’s consolidated net income climbed 40 percent to P15.4 billion due to improved return on equity. Toyota Motors grew its profits 37 percent to P3 billion from P2.2 billion on record-setting monthly sales, allowing it to corner 35.8 percent of the automotive market.
Property developer Federal Land more than tripled its income to P2 billion from P600 million the previous year as reservation sales spiked 90 percent to P14.9 billion.