By James A. Loyola
GT Capital Holdings, Inc., the flagship of the Ty family, reported a 54 percent surge in attributable consolidated net income to ₱20.31 billion last year from the ₱13.16 billion earned in 2018.
In a disclosure to the Philippine Stock Exchange the firm said net income growth was principally due to an 8 percent increase in total revenues to ₱222.94 billion from ₱205.83 billion in the previous year.
GT Capital said this is due to higher auto sales from Toyota Motor Philippines Corporation and Toyota Manila Bay Corporation as combined sales increased by 8 percent from ₱179.12 billion to ₱192.97 billion accounting for 87 percent of total revenue.
It also registered a 27 percent jump in equity in net income of associates and joint venture to ₱14.58 billion, from ₱11.51 billion, accounting for 7 percent of total revenues.
However, these increases were mitigated by a 7 percent dip in real estate sales and interest income on real estate sales from Federal Land Inc. from P10.55 billion to P9.84 billion in 2019.
Metropolitan Bank & Trust Company, Metro Pacific Investments Corporation, TMP, Federal Land, TMBC and Sumisho Motor Finance Corporation posted growths in their respective net income while Toyota Financial Services Philippines Corporation and Philippine AXA Life Insurance Corporation reported declines in their respective net income for the year.
GT Capital Auto Dealership Holdings, Inc. reported a lower net loss for the year as compared to the previous year.
Automotive operations comprising the sale of assembled and imported auto vehicles and spare parts grew by 8 percent from P179.12 billion to P192.97 billion principally driven by the 5.0 percent increase in wholesales volume from 155,508 units to 163,493 units.
Equity in net income of associates and jointly-controlled entities increased by 27 percent from P11.51 billion to P14.58 billion primarily due to increases in:
-net income of Metrobank which increased by 28 percent from P22.00 billion to 28.06 billion and the impact of increased ownership from 36.36 percent to 36.65 percent;
-net income of MPIC which increased by 69 percent from P14.13 billion to P23.86 billion; and
-net income of SMFC which increased by 35 percent from P0.26 billion to P0.35 billion.