GT Capital Holdings Inc., the listed holding company of business tycoon George Ty, said net income in the third quarter of the year climbed six percent to P3.8 billion from P3.58 billion year-on-year, boosted by higher real estate sales that partially offset the decline in automotive operations.
GT Capital said in a disclosure to the stock exchange third-quarter revenues declined two percent to P60.2 billion from P61.2 billion in the same quarter last year.
Real estate sales soared 134 percent to P7.73 billion.
Revenues from automotive business, however, declined 12 percent in the third quarter of the year to P47.9 billion from P54.7 billion in 2017 as automotive sales dropped 13 percent.
“The country’s macroeconomic indicators as of the third quarter have shown some positive trends, suggesting that inflation may have already peaked. Oil prices have declined, foreign exchange rates have shown some strength, and food prices have stabilized. We believe that these factors, combined with the increased spending levels in the last quarter, provide a good backdrop for improved conditions in 2019,” GT Capital chairman Arthur Ty said.