George Ty holding firm revs up profits on strong auto sales
GT Capital Holdings Inc. grew its nine-month core net income by 19 percent to P1 billion, led by higher earnings from its automotive business as well as increased contributions from its insurance and power units.
“Our core businesses continue to deliver steady growth across all sectors. Based on the strong macroeconomic fundamentals, we remain optimistic that the positive momentum will be sustained for the remaining months of 2017,” said Carmelo Maria Luza Bautista, president of GT Capital.
GT Capital’s consolidated revenues increased by 16 percent to P169.5 billion on strong auto sales from Toyota Motor Philippines Corporation and Toyota Manila Bay Corporation (TMBC), as well as higher contributions from net income of associates led by AXA Philippines and Metro Pacific Investments Corp.
Banking arm Metropolitan Bank & Trust Co. booked a net income of P13.2 billion, five percent higher than the year ago on the back of a 15 percent growth in low-cost deposits and 20 percent growth in net loans and receivables to reach P1.2 trillion.
TMP, the country’s leading automotive company with a 39.4 percent market share, posted a net profit of P9.9 billion as consolidated revenues went up 14 percent to P130.7 billion. It sold 132,721 units from January to September or 16 percent more than the same period last year on robust sales from Vios, Fortuner, Innova, Hi Ace, Wigo, and Avanza models.
GT Capital’s property business, which comprises Federal Land and Property Company of Friends, reported a combined net income of P1.9 billion as revenues rose 13 percent to P12.9 billion.
AXA Philippines saw a 31 percent jump in net income to P1.3 billion as total sales in annualized premium grew 26 percent to P4.7 billion. It booked total life and non-life total premium income of P23 billion.