By Madelaine B. Miraflor Reporter
The investment holding firm of the Ty family registered a first-quarter net income of P4 billion, a significant increase from the P1.3 billion the firm earned in the same period in 2012. This is on the back of the increases posted in the firm’s business units.
Also, the core net income of GT Capital Holdings Inc., which excludes extraordinary items, reached P2.7 billion, representing a 112-percent increase year on year while its consolidated revenues for the first quarter of this year surged to P22.3 billion from P2.5 billion last year.
GT Capital, the publicly listed conglomerate owned by the Ty family, has interests in Metropolitan Bank and Trust Co. (Metrobank), Toyota Motor Philippines Corp. (TMP), Global Business Power Corp. (GBPC), Federal Land Inc. (Fed Land) and Philippine AXA Life Insurance Corp. (AXA Philippines).
According to the group, the substantial growth in its revenues is a result of the increase in its direct ownership of both GBPC and TMP, which were consolidated in May 2012 and February 2013, respectively, as well as the higher net income contribution from associates Metrobank and AXA Philippines, and a nonrecurring gain coming from the consolidation of TMP.
“The strong performance of GT Capital during the first three months of 2013 indicates that we are on-track in achieving our overall objectives for the year. We are encouraged with the prospects for further growth, given the recent positive economic developments and the continued healthy outlook for the Philippines,” Arthur Ty, GTCap chairman, said.
In the first quarter of 2013, Metrobank posted a P11.4-billion profit versus the P4.2 billion in January to March 2012, after sustaining its loan growth of 15 percent to P523.3 billion, with consumer and middle market segments fueling the demand.
TMP, on the other hand, realized a net income of P1.1 billion for the same period, 49 percent higher than the P800 million reported last year, while GBPC posted a net income of P390.7 million for the period, as compared to the P498.1 million in 2012, attributed to lower peak power consumption and soft wholesale electricity spot market (WESM) prices during the first quarter of the year.
Also, Fed Land’s consolidated net income for the period increased by 117 percent to P240 million from P110.4 million, while its total revenues reached P1.70 billion, for a 56-percent growth year on year.
“Given the sustained resiliency of the property sector supported by low interest rates, Federal Land will continue to benefit from the strong market demand for its master-planned residential and commercial communities,” said Fed Land President Alfred Ty.
For the first three months of 2013, AXA Philippines, the group’s insurance company, grew its net income by 98 percent to P324 million from P164 million, driven by growth in sales.