MANILA, Philippines — GT Capital Holdings Inc. posted a 40 percent increase in its consolidated net income to P15.3 billion in the first nine months, boosted by the strong performance of the banking and the automotive businesses.
GT Capital president Carmelo Maria Luza Bautista said strong economic growth in the second half of the year contributed to the conglomerate’s strong nine- month performance.
“The resurgence of the domestic economy by the second half of this year gave rise to solid core earnings and business growth momentum for all of our sectors. The third quarter results show across-the-board positive outcomes, with our component companies firing at all cylinders. We are optimistic that we will end 2019 with a strong finish,” Bautista said.
Core net income rose 20 percent to P12.4 billion.
GT Capital, the listed conglomerate founded by the late taipan George Ty, has interests across many businesses such as banking, automotive assembly, importation, dealership, and financing, property development, life and non-life insurance, and infrastructure.
The company raked in P159.1 billion in revenue during the period, up three percent year-on-year.
“Higher auto sales from Toyota, gains on the redemption of shares from previously held assets, as well as higher contributions from net income of associates Metrobank and Sumisho Motor Finance Corp., all contributed to GT Capital’s solid performance from January to September 2019.
Metrobank posted a consolidated net income of P8.5 billion in the third quarter of 2019, a robust 49 percent increase. This brings the bank’s nine-month net income to P21.6 billion.
Toyota Motor Philippines reported a 13 percent growth in consolidated net income to P7.5 billion as retail vehicle sales rose four percent to 114,117 units.
The property unit under Federal Land Inc. reported a consolidated net income of P1 billion, up eight percent year- on-year.
AXA Philippines’ consolidated life and non-life gross premiums, meanwhile, reached P23.4 billion.
The insurance company booked a consolidated net income of P2 billion in the first nine months. Net income from AXA’s life insurance business grew by 24 percent to P2.6 billion.