GT Capital sustains healthy profit margins, earns P3.7B in Q1
The listed holding firm of taipan George S.K. Ty reported a 21 percent jump in first quarter earnings toP3.7 billion on higher contributions from its banking and insurance units and increased investments in the power sector.
Consolidated revenues fell seven percent to P45.45 billion.
Automotive operations under Toyota Motor Philippines saw revenues decline by 12 percent to P37.85 billion as sales dipped to 33,877 units from 38,576 units the previous year.
TMP booked a net income of P2.4 billion on revenues of P33.7 billion. It maintained its lead in the automotive market with a 36 percent share.
Real estate sales and interest income grew 25 percent to P3.6 billion with Federal Land chipping in 56 percent of total sales, mostly from its middle market development projects.
Federal Land chalked up a net income of P4.3 billion.
AXA Philippines, meanwhile, grew its net earnings by 45 percent to P553 million. Sales in annualized premium equivalent for the life insurance business increased by 37 percent to P2 billion.
“The interim soft numbers for the auto sector during the first quarter resulted from the front- loading of orders late last year in anticipation of the new excise tax. We expect sales to normalize by the second half of the year.
Nevertheless, significant contributions from our associate companies Metrobank, Metro Pacific, and AXA Philippines resulted in strong first quarter growth,” GT Capital president Carmelo Maria Luza Bautista said.