GT Capital profit surges 42% to P5.6 B

MANILA, Philippines - GT Capital Holdings, the holding company of taipan George Ty, reported a 42 percent jump in its first half profit to P5.6 billion, boosted by the strong performance of its automotive and banking units.

Aggregate revenues increased 12 percent to P74.3 billion from P66.2 billion in the same period last year.

 “GT Capital’s January to June results were at pace with our expectations. From the beginning of the year, our key component companies mostly sustained their revenue and income expansion, at times outperforming the industries in which they operate,” said GT Capital chairman Francisco Sebastian.

“Supported by benign inflation, heftier government spending, and the overall positive macroeconomic indicators projected for the rest of 2015, we remain confident in continuing the momentum we have achieved,” Sebastian added.

Earnings of automotive subsidiary Toyota Motor Philippines surged 69 percent to P5.1 billion as revenues expanded nine percent to P53.4 billion.

TMP, the country’s leading automotive firm, sold a total of 57,717 vehicles during the first semester, up 19 percent year on year.  Its retail market share for the period remained dominant at 39 percent.

Banking subsidiary Metropolitan Bank & Trust Co. ended the first half with a net income of P9.3 billion.

Property unit Federal Land Inc., meanwhile, saw its net earnings drop to P690 million from P720 million a year ago even as revenues went up to P4.6 billion.  Reservation sales rose six percent to P6.3 billion.

Federal Land president Alfred Ty said the property firm continues to strengthen its presence in the country, now giving equal focus on horizontal residential projects.  

“Federal Land’s recent joint venture with Alveo Land and GT Capital’s investment into Pro-Friends will enable our group to provide a broader range of quality residential, office, and retail space,” he said.

Insurance unit AXA Philippines, meanwhile, reported a 27 percent rise in net income to P710 million, largely due to a significant increase in operating margins. Total premium income jumped 56 percent to P11.9 billion.