GT Capital core net income climbs 19%

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LISTED GT Capital Holdings Inc. said Friday consolidated core net income for the first half of the year jumped 19 percent driven by strong sales in its vehicle and real estate businesses.

The company said core net income rose to P7.4 billion in the first half compared to the P6.2 billion recorded in the same period last year.

“GT Capital’s first-half 2017 financial results are in line with expectations due to the healthy contributions from our core businesses. The sustained strength of the domestic economy for the first six months of 2017 reinforced our company’s solid performance,” GT Capital President Carmelo Maria Luza Bautista said in a disclosure to the Philippine Stock Exchange.

In a media briefing in Makati City, Bautista said Toyota Motor Philippines (TMP) recorded an 18 percent year-on-year growth to 85,728 retail unit sales volume in the first six months, from 72,642 retail unit sales volume a year ago, booking an overall local market share of 39 percent as of June 2017.


He said TMP’s revenues in the first half rose 15 percent to P82.1 billion from P71.3 billion last year.

In real estate, Federal Land’s revenues jumped 14 percent to P5.3 billion from P4.6 billion last year while net income grew 10 percent to P777.8 million.

Property Company of Friends, Inc. (Pro-Friends) saw a 14 percent increase in revenues to P3.6 billion although net income dropped 9 percent to P684 million. Pro-Friends’ gross reservation sales rose 70 percent to P11.3 billion in the first half of 2017.

Federal Land and Pro-Friends reported a combined P8.9 billion in consolidated revenues in the first half, up from P7.8 billion last year, while combined net income amounted to P1.5 billion.

In banking, Metropolitan Bank and Trust Company posted a 5 percent increase in consolidated net income to P9.5 billion, while Metro Pacific Investments Corp. reported a 17 percent rise in consolidated net income to P7.8 billion.

Insurance arm AXA Philippines achieved a 61 percent growth in consolidated net income to P1 billion in the first half of this year from P620 million last year.

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