GT Capital Holdings, Inc., the investment arm of the Ty family, reported a 55 percent drop in core net income to P3.2 billion in the first half of 2020 from P7.1 billion during the same period last year.

In a disclosure to the Philippine Stock Exchange, the conglomerate said its consolidated net income fell 62 percent to P2.74 billion from P7.17 billion in January to June of 2019.

This was driven by Metropolitan Bank & Trust Company (Metrobank), whose net income amounted to P9.1 billion, as well as Toyota Motor Philippines (TMP), which booked a net income of approximately P1.0 billion.

GT Capital’s consolidated revenues reached P52.6 billion during the period, 48 percent lower than the P100.7 billion in the same period of 2019.

Despite declines in automotive operations, equity in net income of associates and joint ventures, and real estate sales, GT Capital’s net income was supported by higher contributions from AXA Philippines and Sumisho Motor Finance Corporation (Sumisho) in the first half of 2020.

“We continue to closely monitor the development of the Covid-19 pandemic with concern. During this period of uncertainty, GT Capital continues to practice fiscal discipline, resulting in a strong and stable balance sheet, adequate liquidity, and access to credit facilities, in case of need,” GT Capital President Carmelo Maria Luza Bautista said.

He added that, “We are taking all the precautions for our employees’ health and safety as we continue to deliver products and services to customers. Our Group’s solid core businesses make us well-positioned to ride out the impact of this pandemic.”

Metrobank reported a 30 percent decline in net income toP9.1 billion for the first half of the year, as the Bank increased loan provisions for potential risks to P22.8 billion.

TMP booked consolidated revenues of P37.5 billion in the first half of 2020 from P76.1 billion in the previous year. Consolidated net income reached P1.03 billion during the period, from P4.43 billion in the first six months of 2019.

“As the government takes steps to reopen the economy, the automotive sector is showing signs of a gradual recovery… As the economy continues to reopen, we are fairly optimistic about the prospects for the rest of the year, driven hopefully by a rise in consumer confidence,” GT Capital Auto Dealership Holdings (GTCAD) Chairman Vince S. Socco said.

Federal Land reported a consolidated net income of P171 million from the P404 million in the first six months of 2019 while Metro Pacific Investments Corporation (Metro Pacific) reported consolidated Core Net Income of P5.3 billion in the first half of 2020, down 38 percent from P8.7 billion in the first half of 2019.

AXA Philippines’ consolidated net income grew 29 percent to P1.5 billion in the first half of 2020, from P1.2 million in the previous year due to better loss experience in general insurance, as well as higher sales of Protection and Health (P&H) and Single Premium products.