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GT Capital’s income down 8% to P3.42b in first quarter

Conglomerate GT Capital Holdings Inc. said net income attributable to equity holders of the parent company dipped eight percent in the first quarter of the year to P3.42 billion from P3.74 billion year-on-year on lower revenue growth from the real estate and automotive businesses.

GT Capital said in a disclosure to the stock exchange first-quarter consolidated revenues reached P47 billion in the first quarter of 2019, up three percent from P45.5 billion on year. 

Five of the 10 component companies under GT Capital posted positive net income growths, namely Metropolitan Bank & Trust Co., AXA Philippines, Property Company of Friends Inc., GT Capital Auto Dealership Holdings Inc. and Sumisho Motor Finance Corp..

Five companies also registered declines in net profit, namely Federal Land Inc., Toyota Motor Philippines Inc., Metro Pacific Investments Corp., Toyota Manila Bay Corp. and Toyota Financial Services Philippines Corp.     

“Solid growth in our financial services component companies, the early signs of recovery in the automotive sector, as well as positive developments in our property businesses led to revenue growth for GT Capital during the period,” said GT Capital president Carmelo Maria Luza Bautista. 

“Easing inflation, sustained government infrastructure spending and improved consumer confidence give us optimism for the rest of the year,” he added.

Metrobank posted a net profit of P6.8 billion in the first quarter of 2019, up 15 percent from the P5.9 billion on year. The bank’s solid performance for the quarter was driven by a double-digit growth in operating income on the back of consistent loan growth and margin expansion, higher fee-based income and prudent operational expenditures.

TMP, country’s leading automotive company, posted a consolidated net income P1.8 billion, down 25 percent from P2.4 billion on year, on flat revenues of P33.8 billon.

GT Capital’s property development subsidiaries, Federal Land and Pro-Friends, registered a combined P4.6 billion in revenues in the first quarter of 2019, up percent from P4.3 billion booked in 2017. 

Combined net income also inched up two percent to P431.1 million in the first quarter of 2019 from P423.8 million a year ago. 

Topics: GT Capital Holdings Inc. , net income
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