Listed holding firm GT Capital Holdings Inc. remains optimistic of meeting its 2014 targets despite posting a lower net income in the first half from a year ago.
Net income dropped 34 percent to P4 billion from P6.1 billion last year, pressured by lower trading gains and typhoon-related disruption to Visayas-based power unit Global Business Power Corp. (GBPC), although total revenue grew 35 percent to P66.2 billion from P49.1 billion.
“Our net income last year, core and non-core, was P8.6 billion. Definitely we’ll still exceed the P8.6 billion for the year,” Francisco Suarez Jr., GT Capital chief financial officer, told reporters at a briefing.
“Property and Toyota are the main drivers of growth [for the rest of the year]. Before, it was Metrobank with more than 70 percent revenue contribution. But now Metrobank is contributing less than 50 percent,” Suarez said.
Among its units, Metrobank’s net profit in the first half fell 50 percent to P9.1 billion, Toyota’s net profit rose 30 percent to P2.98 billion, GBPC’s net profit declined 20 percent to P900 million, while Federal Land’s net income rose 58 percent to P720 million. Insurance units AXA Philippines saw profits fall 34 percent to P561 million while Charter Ping An’s net income slipped 9 percent to P102 million.
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.).