GT Capital‘s income advanced by 52% to P6.6b in first quarter

CONGLOMERATE GT Capital Holdings Inc.’s attributable net income grew 52 percent in the first quarter to P6.6 billion from the same period last year as core automotive, banking and insurance businesses delivered strong results.

First-quarter consolidated revenues climbed 26 percent in the first three months to P69.8 billion from P55.3 billion a year ago, the company said in a disclosure to the stock exchange Tuesday.

“Our first-quarter financial results show all our operating companies sustaining the high growth momentum of the previous year. With expectations of a more stable macroeconomic environment, less value chain disruptions and resurgent consumption, our outlook remains positive for the rest of the year,” GT Capital president Carmelo Maria Luza Bautista said.

Banking unit Metropolitan Bank & Trust Company delivered first-quarter profit of P10.5 billion, as net interest income surged 28.8 percent to P24.9 billion.

Automotive arm Toyota Motor Philippines posted a net income of P4.5 billion, more than double the P2.1 billion it attained in the first quarter of 2022, driven by higher vehicle sales.

TMP’s consolidated revenues surged 28 percent to P53.7 billion in the first quarter as it rolled out 45,205 vehicles, up by 21 percent from 37,230 units sold in the same period last year.

Property subsidiary Federal Land Inc. booked a net income of P286 million, down 8 percent from a year ago. Real estate revenues went down by 53 percent to P860.6 million from P1.8 billion, but reservation sales went up by 71 percent year-onyear to P6.2 billion, driven by sales from newlylaunched residential projects.

Insurance firm AXA Philippines posted a consolidated net income of P708 million, up 66 percent from P426 million a year earlier, arising from improved premium margins and net investment income.