GT Capital’s earnings rise 39% in first half

Published August 16, 2022, 3:07 PM

by James A. Loyola

GT Capital Holdings, Inc., the investment arm of the Ty family, reported a 39 percent growth in its core net income to P8.1 billion for the first half of 2022 from P5.8 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the conglomerate said its consolidated net income increased 24 percent to P8.3 billion in the first six months of 2022 from P6.7 billion in the comparative period of 2021.

83915

This was driven by Metropolitan Bank & Trust Company (Metrobank), whose net income rose by 33 percent, as well as higher net income contributions from Toyota Motor Philippines (TMP), Federal Land, Inc. (Federal Land), and GT Capital associate Metro Pacific Investments Corporation (Metro Pacific).

“GT Capital’s 2022 first half results mirror the impressive GDP growth of the Philippine economy,” GT Capital President Carmelo Maria Luza Bautista said.

He noted that, “Given the gradual return to normalcy, greater mobility, resurgent consumption, and the new administration’s pronouncements in support of sustained economic growth policies, we are confident that our Group will fare very well for the rest of the year.” “Furthermore, we have recently entered into key strategic partnerships in our property business that will ensure a healthy pipeline of projects for many years to come,” Bautista added.

Metrobank recorded a 33 percent increase in net income to P15.6 billion in the first half of 2022, as earnings surged by 95 percent to P7.6 billion in the second quarter.

TMP’s consolidated net income reached P3.4 billion during the period, from P3.5 billion in the first six months of 2021 as it continued to outpace the market with retail vehicle sales of 80,090 units in January to June 2022 from 63,758 units in the same period last year, a significant 26 percent increase, year-on-year.

Federal Land recorded a substantial 31 percent growth in reservation sales to P8.4 billion during the half, from P6.5 billion in the same period last year as consolidated net income grew 15 percent to P676 million in the first six months of this year from P587 million during the same period in 2021.

Metro Pacific reported a consolidated core net income of P7.5 billion for the first half of 2022, a post-pandemic high and up 24 percent from P6.0 billion a year earlier.

AXA Philippines’ consolidated net income amounted to P1.1 billion in January to June 2022, from P1.4 billion in the previous year.

 
CLICK HERE TO SIGN-UP
 

YOU MAY ALSO LIKE

["business","stock-market-foreign-exchange","business"]
[3064190,3099851,3099861,3099945,3099841,3099793,3099838]