Conglomerate GT Capital Holdings Inc. said net income in 2019 increased 54 percent to P20.31 billion from P13.16 billion in 2018.
The company’s 2019 net income was boosted by higher sales from the automotive business as well as disposal of its investment in real estate unit Property Company of Friends Inc. (Pro-Friends)
Core net income climbed 22 percent to P15.8 billion.
GT Capital said in a regulatory filing Tuesday consolidated revenues rose eight percent in 2019 to P222.9 billion from P205.8 billion in the previous year.
The increase in revenue came from higher auto sales of Toyota Motor Philippines Corp. and Toyota Manila Bay Corp., which stood at P192.9 billion, up eight percent.
The group registered a 27-percent increase in net income of associates and joint venture to P14.58 billion, accounting for seven percent of total revenues.
Property unit Federal Land Inc. posted a seven-percent decline in sales to P9.84 billion.
Reservation sales, however, surged 96 percent to P24.4 billion from P12.4 billion after the company launched six new residential projects.
Of the nine component companies of GT Capital, six firms, namely Metropolitan Bank & Trust Co., Metro Pacific Investments Corp., Toyota Motors, Toyota Manila Bay and Sumisho Motor Finance Corp. posted year-on-year growths in their respective net income.
AXA Life Insurance Corp. and Toyota Financial Services Philippines Corp. reported declines in their respective net income for the year, while GT Capital Auto Dealership Holdings Inc. booked a lower net loss.
GT Capital in July obtained the approval of the Philippine Competition Commission to dispose of its 51-percent stake in Pro-Friends and 702 hectares of real estate properties, mostly in Lancanster New City in Cavite, worth P20 billion. The deal enabled GT Capital to post a net gain of P2.3 billion.
Share price of GT Capital on Tuesday rose 4.4 percent to P407.
