GT Capital nets P21.72 billion in 9 months

MANILA, Philippines —  Conglomerate GT Capital Holdings Inc. saw its earnings dip in the nine months ending September on the absence of significant property sales realized by the parent company and Federal Land.

GT Capital registered a six percent drop in its net income attributable to equity holders of the parent company in the first three quarters to P21.72 billion from P23.09 billion in the same period last year.

The absence of significant property sales, however, was offset by a 10 percent jump in revenue from automotive operations and an eight-percent growth in equity in net income of associates and joint ventures.

Excluding non-recurring gains from lot sales and incentives from the Comprehensive Automotive Resurgence Strategy program in 2023, GT Capital said its attributable net income is eight percent higher year-on-year.

“We attribute the strong performance of GT Capital in the first nine months of the year to the favorable macroeconomic environment. In particular, the stable GDP, slower inflation and easing monetary policies during the period drove our core businesses above last year’s record levels,” GT Capital president Carmelo Maria Luza Bautista said.

“We are hopeful that this momentum will be sustained through the rest of the year, supported by the seasonal holiday spending and overall positive market outlook.”

GT Capital attributed its nine-month performance to the record-setting net income of its operating companies Metropolitan Bank & Trust Co. (Metrobank) and Toyota Motor Philippines (TMP) at P35.7 billion and P12.2 billion, respectively.

Associate Metro Pacific Investments Corp. (MPIC) also achieved a record high profit of P20.8 billion in the nine months.

With strong asset expansion, recovery in non-interest income and improved asset quality, Metrobank’s net income climbed by 12.4 percent to a record-high of P35.7 billion.

Metrobank president Fabian Dee said the bank’s robust results reflect its strong drive to continue supporting the growing needs of its clients, all while preserving the health of its portfolio.

“We look forward to the positive impact of recent regulatory measures on the banking industry alongside improving economic outlook,” Dee said.

TMP’s net income also zoomed to a record high of P12.2 billion during the nine-month period, up by 12 percent year-on-year.

Retail sales volume of the automotive company recorded a 10.3 percent growth, with 159, 088 units sold from January to September.

TMP president Masando Hashimoto said that the company’s growth this year reflected its strong market position which was supported by consistently healthy retail performance.

“While TMP’s current vehicle offerings continue to take the lead in their respective sectors, the expected introduction of new models – most notable of which is the Next-Generation Tamaraw in the Light Commercial Vehicle segment – is also seen to further solidify our position as a mobility leader in the Philippines,” Hashimoto said.

“Our ever-growing line-up of electrified vehicles, meanwhile, represents TMP’s dedication to its multi-pathway approach to decarbonization. We are confident that through these innovations, TMP will not only continue to see positive growth in the coming months, but also remain to be a partner for nation-building for years to come,” he said.

AXA Philippines Life and General Insurance Corp. posted a net income of P2 billion, with life and general insurance gross premiums expanding by 16 percent year-on-year P22.6 billion.

Sales and interest income from real estate sales, meanwhile, decreased to P4.24 billion from P11.71 billion as 2023 included the recognition of significant lot sales by the parent company and Federal Land.

With the company continuing the expansion of its products and services offerings, Federal Land’s revenues for the nine-month period stood at P9.5 billion, while net income reached P652 million.