By James A. Loyola
GT Capital Holdings, Inc., the flagship of the Ty family, reported a 21 percent hike in consolidated net income to P3.7 billion for the first quarter of 2018 from the P3.1 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said its core net income rose 18 percent to P3.8 billion in January to March 2018, from P3.2 billion in the same period last year.
GT Capital achieved consolidated revenues of P45.5 billion in the first three months of 2018.
Higher equity in net income of associates Metropolitan Bank and Trust Company (Metrobank), AXA Philippines, and Metro Pacific Investments Corporation led to GT Capital’s net income growth.
“The interim soft numbers for the auto sector during the first quarter resulted from the front- loading of orders late last year in anticipation of the new excise tax. We expect sales to normalize by the second half of the year,” GT Capital President Carmelo Maria Luza Bautista said.
He added that, “nevertheless, significant contributions from our associate companies Metrobank, Metro Pacific, and AXA Philippines resulted in strong first quarter growth.”
Metrobank reported unaudited consolidated net income of P5.9 billion for the first quarter of 2018, up 5.3 percent compared with the same period last year, on the back of sustained growth in the core business.
Toyota Motor Philippines (TMP) achieved consolidated revenues of P33.7 billion in January to March this year and booked P2.4 billion in consolidated net income.
Toyota posted retail sales of 34,440 vehicles during the first quarter of 2018, while it maintains to lead in overall market share at 36 percent.
Metro Pacific reported a 16 percent rise in consolidated core net income to P3.6 billion for the first quarter on the back of strong volume growth across the portfolio and the increased investment in the power industry last year.
GT Capital’s property investments, Federal Land, Inc. (Federal Land) and Property Company of Friends, Inc. (PRO-FRIENDS), jointly attained a net income amounting to P423.8 million in the first three months of 2018.