GT Cap notches core profit

GT Capital Holdings, Inc. reported a 29 percent growth in core net income to R15.0 billion last year from the R11.7 billion earned in 2016 but did not disclose its consolidated net income.

In a statement filed with the Philippine Stock Exchange, GT Capital said its consolidated revenues increased 19 percent to R239.8 billion in 2017 from R202.1 billion in the previous year.

Strong auto unit sales from Toyota Motor Philippines Corporation (TMP), as well as improved results from associates Metropolitan Bank & Trust Company (Metrobank), AXA Philippines, and Metro Pacific Investments Corporation (Metro Pacific), all contributed towards GT Capital’s revenue growth.

“Our full-year 2017 results show encouraging growth momentum, with core net income up by 29 percent. GT Capital’s key sectors continue to be in the sweet spot, in line with our country’s stage of economic development, reaping demographic dividends,” GT Capital President Carmelo Maria Luza Bautista said.

Metrobank reported a consolidated net income of R18.2 billion in 2017, up 10% on a core basis while TMP achieved an 11 percent growth in net income to R13.4 billion in 2017 from R12.1 billion the previous year.

Metro Pacific reported a 17 percent rise in consolidated core net income to R14.1 billion while GT Capital’s investments in the property sector, Federal Land, Inc. (Federal Land) and Property Company of Friends, Inc. (PRO-FRIENDS), attained a combined net income of R2.1 billion in 2017.

AXA Philippines’ total life insurance sales in annualized premium equivalent in 2017 rose by 27 percent to R6.3 billion from R5.0 billion in 2016, driven by notable growth in regular and single premiums of 29 percent and 20 percent, respectively.