GT Capital boosts net earnings 65% to ₱6.56 billion in Q1

GT Capital Holdings, Inc., the investment arm of the Ty family, reported a 65 percent hike in core net income to P6.56 billion for the first quarter of 2023 from P4.0 billion in the previous year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated net income increased 52 percent to P6.64 billion in January to March 2023 from P4.4 billion during the same period last year.

This was driven by Metropolitan Bank & Trust Company (Metrobank), the net income of which amounted to P10.5 billion and Toyota Motor Philippines (TMP) which realized a net income of P4.5 billion, more than double the P2.1 billion attained during the first quarter of 2022.

Federal Land, Inc. (Federal Land) reported a net income of P286 million, while AXA Philippines contributed a higher net income of P708 million during the period.

GT Capital associate Metro Pacific Investments Corporation performed well during the quarter with a core net income of P4.3 billion, a 38 percent increase.

“Our first quarter financial results show all our operating companies sustaining the high growth momentum of the previous year,” GT Capital President Carmelo Maria Luza Bautista said.

He noted that, “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.”

Metrobank’s net earnings rose by 31.3 percent to P10.5 billion in the first quarter of 2023 from a year ago.

Metrobank President Fabian S. Dee said that, “For the rest of the year, we will continue making progress in further improving our products and services and implement strategies in line with our promise of keeping our customers in good hands,” he added.

TMP booked consolidated revenues of P53.7 billion in the first quarter of 2023, a 28 percent growth from P42.1 billion in the same period last year.

Consolidated net income reached P4.5 billion from P2.1 billion, a very significant increase of 118 percent versus the same period last year.

TMP’s retail vehicle sales of 45,205 units increased by 21 percent from 37,230 units.

“TMP has clearly shown a strong performance for the first quarter. The continuing normalization of supply chains has seen the market and Toyota sales volumes expand ,” GT Capital Auto and Mobility Holdings, Inc. (GTCAM) Chairman Vince S. Socco said. (James A. Loyola)