GT Capital 2020 income down by 68%

GT Capital Holdings Inc., the holding firm of the Ty family, said its net income fell 68 percent to P6.5 billion last year, from P20.3 billion in 2019 on lower car sales.

Consolidated revenues reached P134.4 billion last year, down by 40 percent from P222.9 billion in the previous year.

The income of Metropolitan Bank and Trust Co. was slashed by half to P13.8 billion from last year’s P28.87 billion, while Toyota Motor Philippines had a net income of P3.4 billion, down by 63 percent from the previous year’s P9.3 billion.

“Our year-end 2020 results show the full impact of the pandemic and the consequent lockdown that hampered the group to effectively only seven months of operations. However, the strong performance posted during the last quarter under GCQ [general community quarantine] demonstrates the group’s resiliency to rebound on the path to normalcy,” GT Capital President Carmelo Maria Luza Bautista said.

“We are optimistic that despite the recent surge in Covid-19 cases, while alarming, will be mitigated once the pre-ordered vaccines are delivered by June and September. We have taken the necessary steps to procure the vaccines to protect all our employees and contractual staff. We anticipate that 2021 will be less disruptive than the previous year.”

Metrobank booked provisions of P40.8 billion, resulting in a full-year 2020 net income of P13.8 billion. Non-performing loans reached a ratio of 2.41 percent, from 1.3 percent in 2019.

Toyota Motor booked consolidated revenues of P99.8 billion in 2020, down 40 percent from P168.6 billion in the previous year.

Toyota’s retail sales of 100,019 units exceeded initial estimates of 90,000 units for 2020. Actual annual sales declined 38 percent, versus the 162,011 units in 2019, outperforming an auto market that dropped by 41 percent.

Sales have steadily recovered quarter-onquarter. In the last quarter of 2020, sales came to within 85 percent of the same quarter in 2019, peaking at 13,716 units in December.

Market share increased 1.8 percentage points to 41.3 percent, the highest in its 32year history, due to a pivot in marketing and sales activities.

Dealers nationwide fully reopened in August,

assuring the public that strict health protocols were put in place throughout the whole dealership network.

“As jobs, consumer confidence, and general economic activity in the country return, demand for motor vehicles is expected to rise. Despite the potential dampening effects that provisional safeguard duties on imported vehicles may bring, the market—which includes Toyota sales—is expected to grow from 2020 levels. A significant upside is that Toyota produces two of its key volume models locally, which are not impacted by the safeguard measures,” GT Capital Auto Dealership Holdings Inc. Chairman Vince S. Socco said.

Property developer Federal Land Inc. booked total revenues of P9.3 billion in 2020, down 29 percent from P13.2 billion in the previous year. Reservation sales for the year reached P14.2 billion, from P24.2 billion in 2019. Lease revenues rose by 17 percent to P1.8 billion during the period, driven by new tenants in the developer’s commercial properties.

Federal Land reported a consolidated net income of P624 million in 2020, down 61 percent from P1.6 billion in the year before, due to restrictions in construction and sales activities during the quarantine periods.