Conglomerate GT Capital Holdings Inc. said it expects net income to end flat this year after a sluggish first-half financial performance.
GT Capital on Friday said net income in the first half of the year fell 21 percent to P7.2 billion from P9.1 billion a year ago due to the recognition of non-recurring gains from the sale of investments in 2016.
Core net income, however, improved 19 percent in the first six months of the year to P7.36 billion from P6.21 billion on year.
“Core and non-core net income could be flat more or less this year as we see an improvement in other performance in the second half of the year,” GT Capital chief finance officer Francis Suarez said.
Suarez said growth in the second quarter will primarily come from property, automotive and insurance businesses, as well as contribution from equity investment in Metro Pacific Investments Corp.
