GT Capital 9-month income flat at P11B

CONGLOMERATE GT Capital Holdings,

In a disclosure on Thursday, GT property, and insurance segments. Capital reported that January-September Metrobank earlier this week net income was unchanged reported nine-month income of at P11 billion from a year earlier, P16.8 billion, up 27 percent from while consolidated revenues a year earlier. dipped by 5 percent to P161.3 Affiliate Metro Pacific Investments billion from P169.5 billion. Corp. (MPIC), meanwhile, Strong growth, however, was posted an 8-percent net income

rise to P12.1 billion on the back of an expanded power portfolio and tariff increases for subsidiary Maynilad Water Services Inc.

GT Capital’s property arm Federal Land, Inc. and Property Company of Friends, Inc. notched a combined net income of P2.3 billion for the period, up 20 percent year-on-year.

The group’s insurance unit, AXA Philippines, saw net income grow by 21 percent to P2.14 billion as consolidated life and non-life total premium income increased by 24 percent to P28 billion.

On the other hand, a contraction in auto sales led to Toyota Motor Philippines Corp. notching a 33-percent drop in net income to P6.6 billion.

“Our year-to-date results show the counterbalance between the soft auto sector volume sales miti-

services, property, and insurance segments,” GT Capital President Carmelo Maria Luz Bautista said.

“The consensus is that the decline in auto sales may have bottomed out as monthly volumes have stabilized.”

“We are more optimistic for the coming year, anticipating a rebound in consumer confidence arising from a less volatile macroeconomic environment,” he added.

GT Capital shares added P5 to P720 apiece as the wider Philippine Stock Exchange index notched a 0.43-percent gain on Thursday.