GT Capital sees higher profit contribution from car, power units

1

GT Capital Holdings Inc. expects its car and power businesses to contribute more to its profits.

GT Capital is the listed holding firm of business tycoon George Ty whose businesses range from banking, finance, property, transport to power.

GT Capital President Carmelo Maria Luza Bautista said that Toyota Motor Philippines (TMP) and Global Power Business Corp. (GBPC) will grow at a faster clip and contribute more to profits. Federal Land Inc. will be venturing into horizontal projects.

Bautista said they are looking at a net income breakdown of “30 percent share each for banking arm Metrobank and Toyota” and “15 percent each for property unit Federal Land and power” subsidiary GBPC.


As of end-September, GT Capital’s net income contributors consisted of banking arm Metropolitan Bank and Trust Company (40.3 percent), TMP (30.8 percent), Federal Land (13.2 percent), GBPC (10.9 percent) and the rest of the life and non-life insurance businesses.

Bautista said they are looking at a sustained fast growth from the auto sector, new “biomass and geothermal” plants for GBPC—a reversion from its traditional coal-fired plants—as well as the real estate segment entering the horizontal housing sector from its usual upscale vertical condominium developments.

GT Capital’s January to September consolidated net income decreased by 17 percent to P6.3 billion from P7.7 billion on lack of one-time extraordinary trading gains in its banking unit Metrobank. Revenues, on the other hand, was up 37 percent to P104.9 billion from P76.8 billion the same time last year.

The company said it is “on track” to meet its growth—13 percent to 15 percent—in net income for the whole year 2014.

Incorporated in 2007, GT Capital is involved in banking (Metrobank), real estate (Federal Land Inc.), power (Global Business Power Corp.), automotive (Toyota Motor Philippines), insurance (Philippine AXA Life Insurance Corp.), and non-life insurance (Charter Ping An Insurance Corp.).

Share.
.
Loading...

Please follow our commenting guidelines.

1 Comment