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Thursday, March 28, 2024

GT Capital’s ‘18 net profit dropped 6% to P13.39b

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GT Capital Holdings Inc., the listed holding company of the Ty family, said net income attributable to equity holders of the parent company declined six percent in 2018 to P13.39 billion from P14.18 billion in 2017 on lower revenues.

GT Capital said in a disclosure to the stock exchange consolidated revenues fell 10 percent to P215.8 billion in 2018 from P239.8 billion in 2017 due to lower sales from the automotive business.

Vehicle sales from units Toyota Motor Philippines Corp. and Toyota Manila Bay Corp.  decreased 15 percent to P179.2 billion from P211.69 billion.

The decline in automotive sales was tempered by 28-percent increase in real estate sales from property units Federal Land Inc. and Property Company of Friends Inc. Equity earnings from associates and joint venture grew 32 percent to P1.52 biallion from P8.7 billion.

“GT Capital weathered strong headwinds in 2018 as soft vehicle unit sales were cushioned by noteworthy results in our financial services, property and insurance businesses,” GT Capital president Carmelo Maria Luza Bautista said.

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“Tapering inflation, declining interest rates, persistent growth in overseas Filipino remittances, and election-related spending should reboot consumer confidence. Thus, we are optimistic for the rest of 2019,” Bautista added.

Units Metropolitan Bank & Trust Co., Toyota Financial Services Philippines Corp., AXA Philippines and Sumisho Motor Finance Corp. posted growths in their respective net income. 

Toyota Motor, TMBC and Federal Land reported declines in their respective net income for the year. GT Capital Auto Dealership Holdings started commercial operations only in November last year.

Consolidated costs and expenses decreased nine percent to P193.7 billion from P214 billion.

Meanwhile, GT Capital reported its board approved the declaration of eight percent stock dividends to common stockholders equivalent to 15.95 million shares to be paid out of the company’s unrestricted retained earnings as of March 31, 2019.

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