Politics

GT Capital profit nearly triples to P7 billion on units’ strength

2 Mins read

TY-LED GT Capital Holdings, Inc.’s attributable net income climbed by almost three times to P7.28 billion in the third quarter from P2.58 billion last year driven by its subsidiaries’ income contributions.

“The recovery momentum of our businesses remained steady despite rising inflation, interest rates, and foreign exchange volatility. Strategic initiatives undertaken over the past years are now coming to fruition,” GT Capital President Carmelo Maria Luza Bautista said in a press release on Monday.

The holding firm’s topline rose by 67.4% to P66.71 billion in the third quarter from P39.84 billion a year ago. Its automotive operations were the largest revenue contributor with P55.57 billion, up by 59.4% from P34.86 billion in 2021.

For January through September, GT Capital’s attributable net income surged by 72.4% to P14.95 billion from P8.67 billion a year ago. Its top line during the nine-month period stood at P179.5 billion, 43% higher than P125.5 billion in the previous.

BUSINESS SEGMENTS’ NINE-MONTH SHOWINGMetropolitan Bank & Trust Co. (Metrobank) recorded a 45% growth in net income to P23.4 billion as its loan portfolio sustained its expansion.

“Metrobank’s strong net income was propelled by the continued expansion of the bank’s lending portfolio, better margins, healthy fee income, stable operating costs, and lower provision,” GT Capital said.

Toyota Motor Philippines Corp.’s consolidated net income was flat at P4.4 billion even as consolidated revenues grew by 41% to P133.4 billion. New vehicle sales rose by 35% to 124,884 units.

“Despite supply chain disruptions, Toyota is on track to achieving its announced sales goal of 162,000 units in 2022,” said Vince S. Socco, chairman of GT Capital Auto and Mobility Holdings, Inc.

“The reopening of the economy and the loosening of consumer financing has driven stronger sales, notwithstanding price increases that were implemented to counter the weaker value of the Philippine peso,” he added.

Federal Land, Inc. posted a consolidated net income of P4.2 billion, or more than four times last year’s P900 million. It recorded a 62% climb in revenues to P12.4 billion, after booking a 73% increase in reservation sales to P13.7 billion.

Metro Pacific Investments Corp.’s consolidated core net income reached P11.8 billion, 25% higher than the level a year earlier. Its largest contributor was the power segment, which accounted for P8.9 billion or 58% of net operating income, followed by toll roads, which contributed P4.1 billion or 26%.

AXA Philippines’ consolidated life and general insurance gross premiums were lower by 31.4% to P22.5 billion from P32.8 billion a year ago. Its consolidated net income was also lower by 14.3% at P1.8 billion from P2.1 billion in 2021.

On the stock exchange, GT Capital shares increased 0.75% or P3 to P401 each on Monday. — Justine Irish D. Tabile