Conglomerates Filinvest Development Corp. of the Gotianun family and GT Capital Holdings Inc. of the Ty family posted higher net income in the first six months on the continued expansion of their core businesses.
FDC said in a disclosure to the stock exchange net income grew 19 percent in the first half to P6.1 billion from a year ago, helped by strong earnings contribution from property, banking, power and sugar businesses.
Property business, composed of the real estate and hospitality segments, accounted for more than half of FDC’s first-half earnings.
The group’s banking and financial services subsidiary delivered net income of P2.7 billion in the first half, up by 33 percent from the same period last year while its power subsidiary posted a net income growth of 87 percent to P1.4 billion.
“We are pleased with the results of our various business lines, with notable improvements resulting from the ramp-up of our leasing, hotel and power businesses,” said FDC president and chief executive Lourdes Josephine Yap.
“We are positive that the trajectory is sustainable in the second half of the year as demand for our products and services across the different business lines continue to be strong,” said Yap.
FDC said with inflation easing and interest rates tapering off, the second half of the year would be more positive for the company.
Meanwhile, GT Capital said net income grew 4 percent in the first half to P7.4 billion from P7.1 billion in the previous year as consolidated revenues increased 3 percent to P104.3 billion from P101.2 billion.
GT Capital said stronger real estate sales from Federal Land Inc. and higher contributions from Metropolitan Bank & Trust Company, Metro Pacific Investments Corp. and Sumisho Motor Finance Corp. contributed to group’s positive performance.
“Easing inflation, coupled with declining interest rates, and improved consumer confidence created conditions for growth in GT Capital and its component companies. Strength in income from financial services, recovering auto unit sales growth and stable demand in the property sector resulted in the group’s positive financial results,” GT Capital president Carmelo Maria Luza Bautista said.
“We are optimistic for the rest of 2019 as macroeconomic indicators improve,” he said.
