Conglomerate GT Capital Holdings Inc. said Tuesday net income increased 24 percent in the first six months to P8.3 billion from P6.7 billion a year ago, boosted by higher contribution from banking and property businesses.
GT Capital said in a disclosure to the stock exchange first-half core net income rose 39 percent to P8.1 billion from P5.8 billion in the previous year.
Revenues grew 32 percent in the first six months to P112.8 billion from P85.7 billion in the same period last year on higher automotive sales and equity in net income of associates and joint ventures.
GT Capital president Carmelo Maria Luza Bautista said the company was expected to sustain its recovery in the second half, given the gradual return to normalcy, greater mobility and resurgent consumption.
“Furthermore, we have recently entered into key strategic partnerships in our property business that will ensure a healthy pipeline of projects for many years to come,” Bautista said.