GT Capital profit drops 18% to 6.3B due to lower bank, insurance gains

GT Capital Holdings, Inc. reported an 18 percent decline in consolidated net income to 6.3 billion in the first three quarters of the year from 7.7 billion in the same period last year due to lower bank earnings.

In a disclosure to the Philippine Stock Exchange, the from said consolidated revenues for the first nine months of this year grew 37 percent to 104.9 billion from 76.8 billion in 2013.

GT Capital’s revenue increase came mostly from higher vehicle sales of Toyota Motor Philippines Corporation (TMP), improved net fees of Global Business Power Corporation (GBPC), and the continued robust real estate sales of Federal Land, Inc.

For the third quarter of 2014, GT Capital’s consolidated net income increased 46 percent to 2.4 billion from 1.6 billion in 2013. Consolidated revenues for the period amounted to 38.8 billion, representing a 40 percent improvement from the 27.7 billion attained last year.

“GT Capital’s performance for the first nine months of this year is on track due to the encouraging results delivered by our component companies. We therefore remain confident in achieving our full-year targets,” said GT Capital chairman Francisco C. Sebastian.

He added that “we expect positive developments in the last quarter of the year, such as favorable foreign exchange rates, higher remittances from overseas Filipinos, greater demand for power, and increased personal consumption expenditure during the holiday season, to further enhance the performance of our subsidiaries and affiliates.”

Metropolitan Bank & Trust Company (Metrobank) reported a consolidated net income of 13.1 billion for the first nine months of 2014 while TMP’s consolidated net income rose 53 percent to

4.9 billion from 3.2 billion during the same period last year.

GBPC’s net income was 8 percent higher at 1.7 billion as compared to

1.6 billion during the same period last year as Federal Land’s net income from January to September 2014 increased by 26 percent to 1.1 billion from 0.9 billion last year.

Philippine AXA Life Insurance Corporation’s net income reached 0.8 billion during the period from 1.0 billion last year due to a rebalancing of capital gains on investments realized in 2013, although net gain from operations increased by 46 percent to 0.7 billion this year.

Charter Ping An Insurance Corporation saw its net income drop to 102.0 million from 155.0 million last year due to higher-than-normal claims and losses from Typhoons Agaton, Glenda, and Mario.

Toyota Manila Bay Corporation (TMBC) and Toyota Cubao, Inc. (TCI) attained combined net income growth of 24 percent during the period to 122.0 million, as compared to 98.0 million last year. (JAL)