GT Capital income drops 1% to P7.1B

TY-LED conglomerate GT Capital Holdings Inc. said consolidated net dipped by 1 percent due to a decline in sales volume from automotive arm Toyota Motor Philippines Corp. (TMP).

GT Capital President Carmelo on Wednesday that net income in P7.1 billion from P7.2 billion in the same period last year.

Core net income slipped 3 percent to P7.1 billion, while revenues decreased 6 percent to P101.2 billion.

“As already anticipated and expected, the results mirror the decline in auto sales volume. The front-loading of orders last year in spiked up volume last year and it’s starting to normalize this year,” Bautista said.

Auto sales from both TMP and Toyota Manila Bay Corp. fell 10 per

On a standalone basis, TMP posted net income attributable to the parent company of P4.5 billion, down 30 percent from last year, as revenues dropped 7 percent to P76.4 billion. However, Toyota still enjoys a 38.2-percent overall market share, down slightly from 39.3 percent last year.

- dent of a turnaround in the second half following the launch of the new Vios model, its fastest-selling brand, along with the entry of Toyota Rush. It is targeting to book mid-single digit earnings growth for full year.

He said GT Capital aims to take new transport network companies and also expects the normalization of market demand in the fourth quarter.

- hicle and model of choice [for the new TNVS entrants] will be Vios,” he said.

GT Capital’s banking arm Metropolitan Bank and Trust Co. (Metrobank) registered 16 percent higher quarter growing by 31 percent to P5.2 billion.

its infrastructure conglomerate, had earlier reported a 10-percent rise in core net earnings to P8.6 billion driven by its expanded power portfolio, water business.

Real estate subsidiaries Federal Land Inc. and Property Company of Friends Inc. registered a combined net income of P1.1 billion and consolidated revenues of P9.7 billion. In the balance of the year, Federal more projects.

Insurance unit AXA Philippines Inc.’s net income surged 35 percent year- on- year to P1.3 billion, as gross earned premium jumped 36 percent to P19.3 billion.

Share of GT Capital were down P44.50 at P910 each.