GT Capital Holdings Inc. of tycoon George Ty said first-quarter net income climbed 21 percent to P3.7 billion from P3.1 billion year-on-year, as the weak performance of its automotive and property businesses was offset by the positive results from the banking and insurance units.
GT Capital, in a filing with the Philippine Stock Exchange, attributed the strong first-quarter performance to the 37-percent growth in equity in net income of associates and joint ventures to P2.88 billion, led by Metropolitan Bank & Trust Co., AXA Philippines and Metro Pacific Investments Corp.
The conglomerate’s automotive operations, comprising the sale of assembled and imported auto vehicles and spare parts, declined 12 percent to P37.8 billion due to a 12-percent drop in volume from 38,576 units to 33,877 units.
GT Capital’s property companies Federal Land Inc. and Property Company of Friends Inc. registered a combined net income of P423.8 million in the first quarter of the year, down 28 percent from a year ago.