GT Capital Holdings Inc. on Tuesday said its first-quarter net income rose only slightly after its non-life insurance unit incurred a non-recurring reinsurance expense.
In a disclosure to the Philippine Stock Exchange on Tuesday, the holding firm of the Ty family said net income rose by 5 percent to P2.95 billion from P2.8 billion a year earlier.
Stripping off that one-time reinsurance expense, net income would have risen by 12 percent, GT Capital said.
Consolidated revenue grew 16 percent to P40.8 billion from P35.2 billion in the comparable period.
GT Capital noted the income drivers were Toyota Motor Philippines Corp., Global Business Power Corp., Federal Land Inc. and Property Company of Friends Inc. (Pro-Friends).
“GT Capital’s component companies met expectations at the start of 2016. Despite macroeconomic headwinds, the company sustained its growth trajectory. For the rest of the year, we believe that key economic drivers such as continued expansion of the BPO industry and sustained growth in progressive next wave cities, will benefit GT Capital’s lines of business,” GT Capital chairman Arthur Ty said.
Metropolitan Bank and Trust Co. reported a consolidated net income of P5.25 billion, up 3 percent year-one-year.
Toyota Motor Philippines posted P28.1 billion of consolidated revenue, up 7 percent from P26.2 billion. Its consolidated net income grew by 18 percent to P2.8 billion from P2.4 billion.
The carmaker sold 30,498 vehicles, a 10 percent year-on-year improvement.
The company has maintained its overall leadership in the country’s car industry with a market share of 35 percent.
Its power unit’s net income surged to P397.5 million from P263.8 million. Kilowatt-hour sales rose by 7 percent to 840.7 million kWh from 786.3 million kWh. The power company’s net fees hit P3.9 billion.
Federal Land’s revenue grew to P2.4 billion from P2.1 billion. Rental income improved by 6 percent to P207.9 million from P195.5 million, driven by the lease income from GT Tower International, Blue Bay Walk, and AXA Center.
Real estate sales rose to P1.9 billion from P1.5 billion. Net income reached P440.7 million, up from P317.9 million.
Pro-Friends’ net income posted a three-fold increase to P563.2 million. Increased real estate sales revenue and lower operating expenses contributed to Pro-Friends’ income growth.
AXA Philippines’ total sales in annualized premium equivalent reached P1.1 billion.
Regular premium sales grew by 16 percent year-on-year, but single premium sales were affected by market volatility in the quarter and contracted by over 40 percent.
Its net income improved by 6 percent year-on-year to P388 million.