GT Capital set P50-B 2017 capex

MANILA, Philippines -  GT Capital Holdings Inc., the listed conglomerate of tycoon George Ty, is collecting in roughly P50 billion for capital expenditure this year, slightly lower than the P52 billion set aside last year, a ranking official said.

In an interview, GT Capital chief financial officer Francisco Suarez said this year’s capex was lower than the 2016 allotment because they have already sold Global Business Power Corp. (GBPC), the power company in the Visayas which they sold to the MVP Group.

Of the amount, GT Capital spent P34.2 billion in the first half.

The P50 billion capex would be used to strengthen the company’s different businesses as it continues to grow the conglomerate, Suarez said.

GT Capital’s businesses are banking, property, automotive, insurance and infrastructure through a stake in Metro Pacific Investments Corp. (MPIC), the tollways and infrastructure conglomerate of the MVP Group.

Among its companies, Toyota Motors Philippines, the automotive subsidiary, is one of the strongest.

For this year, TMP expects to breach its sales target of 175,000 units as business remains strong. Sales for the first half rose 18 percent to 85,725 vehicles

“It will be a little more than that,” TMP executive Mike Masamayor  said on the sidelines of a briefing on Friday.

TMP’s consolidated net income stood at P6.4 billion in the first half.

TMP remains the leader in overall market share with 39 percent of the Philippine auto sector. Strong sales came from the Vios, Fortuner, Innova, and Avanza models, Bautista said during the briefing.

Federal Land, meanwhile, is also doing well and will launch six projects in the second half of the year, according to Federal Land senior vice president Ana Pingol.

Federal Land and Pro-Friends reported a combined P8.9 billion in consolidated revenues from January to June, rising 14 percent year-on year.

GT Capital reported a core net income of P7.4 billion in the first half, up 19 percent from the P6.2 billion a year ago.