GT Cap doubles first half profit to P6 billion


Listed conglomerate GT Capital Holdings Inc. has more than doubled its first-half profit as its revenues for the quarter surged.

GT Capital disclosed to the Philippine Stock Exchange on Tuesday that its consolidated net income from January to June 2013 reached P6.1 billion, 51 percent higher compared to the P4 billion it registered during the same period in 2012.

Also, GT Capital’s consolidated revenues for the first six months of this year expanded significantly by 394 percent to P49.2 billion from P10 billion last year.

According to the group, the surge in its revenues came from higher net income contributions from Metropolitan Bank and Trust Co. (Metro-bank) and AXA Life Insurance Corp. (AXA Philippines); the strong momentum in real estate sales of Federal Land Inc.; the increase in the company’s direct ownership to 51 percent of Toyota Motor Philippines Corp. (TMP) and Global Business Power Corp. (GBPC) and a one-time revaluation gain resulting from the consolidation of TMP.

Metrobank, the group’s banking arm, reported a consolidated net income of P18.1 billion, more than double the P7.4 billion earned in the same period last year.

This strong performance in the first six months of this year exceeds the bank’s full-year 2012 net income of P15.4 billion.

TMP, on the other hand, registered a net income of P2.3 billion from January to June 2013, for a 47-percent increase from P1.6 billion last year. The country’s leading car company sold 34,908 vehicles during the first six months of 2013, which translates to a dominant 35-percent overall market share.

For GT Cap’s holding firm for its power investments, GBPC reported a net income of P1.1 billion for the period, lower than the P1.3 billion in 2012.

The decline, according to the group, resulted from lower peak power consumption due to the cooler climate that prevailed during the earlier months of 2013, in turn leading to soft Wholesale Electricity Spot Market (WESM) prices.

Meanwhile, Federal Land’s core net income for the period rose by 52 percent from P299 million last year to P453.3 million, on total revenues of P3.7 billion. Its real estate revenues also more than doubled to P2.5 billion from P1.2 billion in 2012.

Lastly, AXA Philippines, the conglomerate’s insurance firm, grew its net income by 165 percent to P851.1 million during the period, from P321.1 million last year.


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