By James A. Loyola
GT Capital Holdings, Inc. disclosed a 40 percent jump in consolidated net income to ₱15.3 billion for the first nine months of 2019 from ₱10.9 billion in the same period last year.
The conglomerate said its core net income rose 20 percent to ₱12.4 billion in January to September 2019 from ₱10.3 billion in the same period last year as a result of Metropolitan Bank & Trust Company (Metrobank)’s net income growth of 29 percent to ₱21.6 billion and Toyota Motor Philippines (TMP)’s net income growth of 13 percent to ₱7.5 billion.
GT Capital’s consolidated revenues increased 3 percent to ₱159.1 billion in the first nine months of 2019 from ₱153.9 billion in 2018.
Higher auto sales from TMP, gains on the redemption of shares from previously held assets, as well as higher contributions from net income of associates Metrobank and Sumisho Motor Finance Corporation (Sumisho), all contributed to GT Capital’s solid performance from January to September 2019.
“The resurgence of the domestic economy by the second half of this year gave rise to solid core earnings and business growth momentum for all of our sectors,” GT Capital President Carmelo Maria Luza Bautista said.
He noted that, “the third quarter results show across-the-board positive outcomes, with our component companies firing at all cylinders. We are optimistic that we will end 2019 with a strong finish.”
GT Capital’s property developer Federal Land, Inc. (Federal Land) reported a consolidated net income of ₱1.0 billion from January to September 2019, up 8 percent from ₱965 million in the same period last year. AXA Philippines booked a consolidated net income of ₱2.0 billion in the first nine months of 2019.