By James A. Loyola
GT Capital Holdings, Inc. reported a 4 percent improvement in core net income to P7.4 billion for the first half of 2019 from P7.1 billion in the same period last year.
In a briefing, the firm said its consolidated revenues increased 3 percent to P104.3 billion in the first six months of 2019 from P101.2 billion in the comparative period of 2018.
GT Capital attributed this to stronger real estate sales from Federal Land, Inc. (Federal Land), as well as higher contributions from net income of associates Metropolitan Bank & Trust Company (Metrobank), Metro Pacific Investments Corporation (Metro Pacific), and Sumisho Motor Finance Corporation (Sumisho).
“Easing inflation, coupled with declining interest rates, and improved consumer confidence created conditions for growth in GT Capital and its component companies,” GT Capital President Carmelo Maria Luza Bautista said.
He added that, “strength in income from financial services, recovering auto unit sales growth, and stable demand in the property sector, resulted in the Group’s positive financial results. We are optimistic for the rest of 2019 as macroeconomic indicators improve.”
Metrobank reported an 18 perceht hike in net income to P13.0 billion for the first half of 2019 while Toyota Motor Philippines Corporation (TMP) reported consolidated revenues of P76.1 billion in the first half of 2019, from P76.4 billion in the same period last year.
Federal Land reported a consolidated net income of P572 million from January to June 2019, up 10 percent from P522 million in the same period of the previous year.