GT Cap core profit rises 19% at R11 B

GT Capital Holdings, Inc., the flagship of the Ty family, registered a 12 percent decline in attributable net income to R10.82 billion in the first three quarters of 2017 from the R12.3 billion earned in the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said it attained a core net income of R11.0 billion from January to September 2017 from R9.3 billion in the same period last year, representing a 19 percent growth. The difference in reported and core profit is due to the R5.17 billion in non-operating income recorded in the first nine months last year. GT Capital’s consolidated revenues rose 16 percent to R169.5 billion in the first nine months of 2017 from R146.2 billion in 2016. Market-leading auto unit sales from Toyota Motor Philippines Corporation (TMP) and Toyota Manila Bay Corporation (TMBC), as well as higher equity in net income of associates led by AXA Philippines and Metro Pacific Investments Corporation (MPIC), resulted in GT Capital’s revenue growth. “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,” GT Capital President Carmelo Maria Luza Bautista said. Metropolitan Bank & Trust Company (Metrobank) reported an unaudited consolidated net income of R13.2 billion in the first nine months of 2017, up 5 percent from last year.