GT Capital core profit halved to P7.4 B in 2020

Published March 30, 2021, 5:30 AM

by James A. Loyola

GT Capital Holdings, Inc., the flagship of the Ty family, reported a 53 percent drop in core net income to P7.4 billion last year from the P15.8 billion earned in 2019.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated net income reached P6.5 billion last year, 68 percent lower than the P20.3 billion posted in 2019.

Contributing to GT Capital’s results were Metropolitan Bank & Trust Company (Metrobank), with a net income of P13.8 billion, as well as Toyota Motor Philippines (TMP)which realized a net income of P3.4 billion.

The conglomerate’s consolidated revenues reached P134.4 billion in 2020, decreasing 40 percent from P222.9 billion in the previous year. 

“Our year-end 2020 results show the full impact of the pandemic and the consequent lockdown that hampered the group to effectively only seven months of operations,” GT Capital President Carmelo Maria Luza Bautista said.

He noted that though that, “the strong performance posted during the last quarter under GCQ demonstrates the group’s resiliency to rebound on the path to normalcy.”

Bautista added that, “We are optimistic that despite the recent surge in Covid-19 cases, while alarming, will be mitigated once the pre-ordered vaccines are delivered by June and September.”

He reported that, “We have taken the necessary steps to procure the vaccines to protect all our employees and contractual staff. We anticipate that 2021 will be less disruptive than the previous year.” 

Metrobank’s income before provisions increased by 26 percent to P61.8 billion in 2020. The Bank booked provisions of P40.8 billion.

Toyota Motor Philippines (TMP) booked consolidated revenues of P99.8 billion in 2020, from P168.6 billion in the previous year. Consolidated net income reached P3.4 billion last year, from P9.3 billion in 2019. 

“As jobs, consumer confidence, and general economic activity in the country return, demand for motor vehicles is expected to rise. Despite the potential dampening effects that provisional safeguard duties on imported vehicles may bring, the market—which includes Toyota sales—is expected to grow from 2020 levels,” GT Capital Auto Dealership Holdings, Inc. (GTCAD) Chairman Vince S. Socco said. 

Federal Land, Inc. booked total revenues of P9.3 billion in 2020, from P13.2 billion in the previous year. Reservation sales for the year fell to P14.2 billion from P24.2 billion in 2019.

Metro Pacific Investments Corporation (MPIC) reported consolidated core income of P10.2 billion for 2020, down 34 percent from P15.6 billion in 2019, owing largely to the economic contraction stemming from the Philippine government’s response to Covid-19.

AXA Philippines’ consolidated life and general insurance gross premiums increased 13 percent to P36.3 billion in 2020 driven by the life segment, which rose 19 percent year-on-year.

The insurer’s consolidated net income rose a significant 22 percent to P2.9 billion for the year, from P2.4 billion in 2019.