Slower auto sales pull down GT Capital’s profit
Taipan George Ty’s listed investment arm GT Capital Holdings Inc. reported a one percent drop in its first semester earnings to P7.14 billion as weaker automotive sales dragged down its bottomline.
Automotive operations comprising the sale of assembled and imported auto vehicles and spare parts declined by percent to P85 billion owing to a 12 percent drop in wholesale volume to 74,777 units.
Real estate sales went up five percent to P7.97 billion with Federal land contributing 51 percent of the sales, mostly from its middle-market development projects.
AXA Philippines reported a 34.5 percent jump in net income to P1.3 billion, driven by higher premium spillovers from last year.
Equity in net income of associates and jointly-controlled entities jumped 33 percent to P5.87 billion, largely due to higher earnings of Metropolitan Bank and Trust Corp., Metro Pacific Investments Corp., and AXA Philippines.