George Ty’ holding firm revs up earnings on strong Toyota Motors sales
Robust automotive sales and an investment in an infrastructure conglomerate lifted the nine-month earnings of GT Capital Holdings Inc.
The listed holding firm of tycoon George Ty saw a 46 percent jump in its net income in the first nine months to P12.3 billion as revenues expanded by 38 percent to Php157.1 billion.
The growth was primarily driven by sustained strong vehicle sales from Toyota Motor Philippines Corporation (TMP) and Toyota Manila Bay Corporation (TMBC), as well as higher contributions from the net income of associates, particularly Metro Pacific Investments Corp.
Metro Pacific’s core earnings rose 13 percent to P9.3 billion while revenues expanded by 23 percent to P33.1 billion on strong traffic growth on all its roads, an expanded power portfolio through increased economic interest in Meralco and in Global Business Power Corp. and continuing growth in its hospital operations.
“GT Capital’s financial results as of September show solid contributions from all our business segments. The strong performance also reflects the positive impact of the various strategic initiatives we implemented during the first half of the year.
We remain confident that this favorable momentum in our core business is sustainable for the last quarter and into the coming year,” GT Capital president Carmelo Maria Luza Bautista said.