GT Capital Holdings Inc., the investment company of tycoon George Ty, said consolidated net income attributable to equity holders of the parent company increased 5 percent in the first quarter to P3.1 billion from a year ago on higher sales of core businesses.
The company said minus non-recurring income, core net income grew 12 percent to P3.18 billion.
GT Capital said in a filing with the Philippine Stock Exchange first-quarter consolidated revenues jumped 32 percent to P48.7 billion from P36.8 billion in the same period a year ago.
The revenue growth came from increased sales of Toyota Motor Philippines Corp. and higher equity contributions from Metropolitan Bank and Trust Co., Axa Philippines and Metro Pacific Investments Corp.
“We started 2017 on solid footing. The robust revenue and core earnings growth momentum from our component companies resulted in GT Capital’s healthy performance. The sound fundamentals of the Philippine economy coupled with the dominant strengths of our subsidiaries provide us with a very positive outlook for the rest of the year,” GT Capital president Carmelo Maria Luza Bautista said.
Metrobank reported unaudited consolidated net income of P5.6 billion in the first quarter of 2017, up 6 percent from the previous year.
TMP also reported a 32-percent increase in consolidated sales to P37.1 billion in the first quarter, on the back of a 33-percent increase in vehicle sales to 40,689 units. Net income reached P2.5 billion.
The group’s property businesses under Property Company of Friends Inc. and Federal Land Inc. fell 17 percent to P3.5 billion while net income amounted to P590.5 million.
GT Capital increased its ownership in Profriends to 51 percent in 2016, a move that enabled the conglomerate to a complete range of products, from the affordable to the upper mid-end and luxury residential segments.
GT Capital earmarked P47.3 billion for 2017 capital expenditures to fund acquisitions in the financial services and infrastructure sectors.