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Manila Bulletin devider Business devider The Stock Market devider High oil prices hit Toyota demand, dragging GT Capital net profit down 11%

High oil prices hit Toyota demand, dragging GT Capital net profit down 11%

Published Aug 14, 2026 10:02 am
GT Capital Holdings Inc., the holding company of the Ty family, reported an 11 percent decline in consolidated net income to ₱16.41 billion for the first half of 2026 from ₱18.42 billion in the same period last year, as macroeconomic slowdown severely weakened domestic automotive demand.
The financial result was heavily impacted by flagship unit Toyota Motor Philippines Corp., which recorded a 33 percent drop in net profit to ₱8.4 billion from ₱12.5 billion a year earlier.
Revenues at the automaker fell 15 percent to ₱115.4 billion from ₱135.6 billion in the prior-year period as elevated global oil prices dampened vehicle purchases over the six-month span.
Despite the contraction in vehicle sales, Toyota Motor Philippines noted early signals of a market rebound after sales increased 3.2 percent month-on-month in June.
Toyota Motor Philippines President Masando Hashimoto expressed optimism that the automotive sector is recovering, stating that the company remains on target to reach its milestone of three million cumulative vehicle sales within the year.
The conglomerate’s automotive drop was cushioned by steady earnings from its banking and infrastructure assets. Metropolitan Bank & Trust Co. (Metrobank) posted a flat net income of ₱24.9 billion for the first half, supported by continuous loan growth, stable interest margins, and modest fee income.
Metrobank President Fabian Dee cited a disciplined and prudent approach to balancing growth and risk during a difficult operating period for financial institutions.
Infrastructure associate Metro Pacific Investments Corp. delivered a six percent year-on-year increase in core net income to ₱16.0 billion, providing essential earnings support through its diversified utility portfolio.
“GT Capital's first half results reflect the impact of a slower macroeconomic environment,” GT Capital President Carmelo Maria Luza Bautista said in a disclosure to the Philippine Stock Exchange.
“Nevertheless, we will approach the second half of the year with a continued focus on disciplined execution of our strategic priorities,” Bautista added.
In real estate, subsidiary Federal Land Inc. completed 866 units and turned over 723 units during the first six months of the year, following 2,268 completions in 2025.
Retail performance across its commercial portfolio maintained positive momentum, backed by rising foot traffic at flagship complex MITSUKOSHI BGC.
Insurance affiliate AXA Philippines Life and General Insurance Corp. reported a 31 percent expansion in gross premiums to ₱21.8 billion. Growth in the life insurance segment was led by single-premium unit-linked and health products, while non-life written premiums expanded 16 percent to ₱2.4 billion through an ongoing motor loan distribution agreement with Metrobank. (James A. Loyola)

Related Tags

GT Capital Holdings Inc. Carmelo Maria Luza Bautista Toyota Motor Philippines Corporation Metropolitan Bank & Trust Co. (Metrobank) Federal Land Inc. AXA Philippines
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