GT Capital earnings up 5% to P2.95 B

GT Capital Holdings Inc. said its net income rose five percent to P2.95 billion in the first quarter on the back of higher contributions from its automotive, power and real estate businesses.

Consolidated revenues reached P40.8 billion, up 16 percent from the previous year, driven by strong vehicle sales of Toyota Motor Philippines Corp., higher kilowatt-hour (kWh) sales from Global Business Power Corp. as well as sustained real estate sales from Federal Land, Inc. and Property Company of Friends ( Pro- Friends), said GT Capital chairman Arthur Ty.

“GT Capital’s component companies met expectations at the start of 2016. Despite macroeconomic headwinds, the company sustained its growth trajectory. For the rest of the year, we believe that key economic drivers such as continued expansion of the BPO industry and sustained growth in progressive next wave cities, will benefit GT Capital’s lines of business,” Ty added.

Banking arm Metropolitan Bank & Trust Co. reported a consolidated net income of P5.25 billion during the quarter, up three percent year on year.

TMP’s consolidated net income grew 18 percent to P2.8 billion during the quarter after selling 30,498 vehicles during period or 10 percent higher. The automotive company continues to lead in overall market share at 35 percent.

Net earnings of GBPC likewise jumped 51percent to P397.5 million as kilowatt-hour sales rose seven percent to 840.7 million kWh.

Federal Land posted a net profit of P440.7 million, up 39 percent year on year.

Pro- Friends, on the other hand, saw its net income grow more than three- fold to P563.2 million owing to increased sales and lower operating expenses.

“Federal Land continues to seek a more significant presence in the property sector, remaining focused on its strength in the vertical residential segment, while enhancing its recurring income through expansion in the BPO, commercial, and retail space. We look forward to the opening of more projects in our masterplanned communities,” Federal Land and Pro-Friends chairman Alfred Ty said.

AXA Philippines, meanwhile, reported a net income growth of six percent year- on- year to P388 million as total sales in annualized premium reached P1.1 billion.

Regular premium increased 16 percent while single premium sales contracted by over 40 percent due to market volatility.