GT Capital profit up 52% in Q1

MANILA, Philippines — GT Capital Holdings Inc., the listed holding company of the Ty Group, reported a net income of P6.4 billion in the first quarter, up 52 percent from the same period a year ago.

Its core net income jumped by 65 percent to P6.6 billion during the period, driven by the strong performance of the banking and automotive businesses through Metropolitan Bank & Trust Co. (Metrobank) and Toyota Motor Philippines (TMP), respectively.

GT Capital president Carmelo Maria Luza Bautista said the first quarter financial results show all the operating companies sustaining the high growth momentum of the previous year.

“With expectations of a more stable macroeconomic environment, less value chain disruptions, and resurgent consumption, our outlook remains positive for the rest of the year,” Bautista said.

Metrobank saw net earnings rise by 31.3 percent to P10.5 billion during the period while net interest income surged by 28.8 percent to P24.9 billion.

“Metrobank’s solid performance in the first three months of the year reflects our continued efforts to capture opportunities of a growing economy while we strive to keep our balance sheet strong against risks of volatile market conditions,” said Metrobank president Fabian Dee.

GT Capital’s automotive arm, TMP has sustained its strong growth momentum, recording a consolidated net income of P4.5 billion during the period, up 118 percent.

TMP’s retail vehicle sales increased by 21 percent to 45, 205 units from 37, 230 units.

It remains the country’s number one automotive brand with a dominant 47.4 percent overall market share as of the first quarter.

“Demand for motor vehicles remains robust in line with the sustained high levels of economic recovery. As well, the return of consumer loan financing is further spurring vehicle purchases,” said GT Capital Auto and Mobility Holdings Inc. chairman Vince Socco.

Property subsidiary Federal Land Inc., on the other hand, reported a net income of P286 million compared to P311 million a year before while total revenues were down to P2.6 million from P2.8 million.

Reservation sales jumped by 71 percent to P6.2 billion mainly driven by sales from The Seasons Residences and the Grand Hyatt Residences, both located in Bonifacio Global City, Taguig.

AXA Philippines’ consolidated net income rose by 66 percent to P708 million on the back of improved premium margins and net investment income.

Metro Pacific Investments Corp. (Metro Pacific) in which GT Capital has a stake, reported a consolidated core net income of P4.3 billion, up 38 percent from the previous year.