TY-LED conglomerate GT Capital Holdings, Inc. reported core net income of P11 billion in the first nine months, up 19 percent from a year ago, fueled by the solid performance of its core businesses.
Consolidated revenues rose 16 percent to P169.5 billion bolstered by brisk sales from Toyota Motor Philippines Corp. (TMP) and Toyota Manila Bay Corp., and higher equity in the net income of associates led by AXA Philippines and Metro Pacific Investments Corp. (MPIC).
“Our core businesses continue to deliver steady growth across all sectors,” GT Capital President Carmelo Maria Luza Bautista said.
“Based on the strong macroeconomic fundamentals, we remain optimistic that the positive momentum will be sustained for the remaining months of 2017,” he added.
Metropolitan Bank and Trust Co., its listed banking unit, registered an unaudited consolidated net income of P13.2 billion in the same period, 5 percent higher than last year.
“The bank sustained its 15 percent growth in low-cost deposits for a 62 percent CASA ratio, out of the total P1.5 trillion deposit base. This supported the 20 percent year-on-year growth in net loans and receivables to reach P1.2 trillion,” it said.
MPIC, on the other hand, reported a 22 percent rise in consolidated core net income to P11.3 billion from P9.3 billion in the same period last year, on the strength of its expanded presence in the power industry.
Meanwhile, property arm Federal Land, Inc. and Property Company of Friends, Inc. attained a combined P12.9 billion in consolidated revenues, up 13 percent from the same period last year.
Insurance unit AXA Philippines, Inc. achieved a significant 31 percent growth in standalone net income to P1.8 billion from P1.3 billion in the previous year.
GT Capital is the conglomerate owned by magnate George Ty with interests in banking, automotive assembly, importation, dealership, and financing, property development, life and non-life insurance, infrastructure, and motorcycle financing.