Conglomerate GT Capital Holdings Inc., the publicly-listed investment company of the Ty family, said Monday net income in the first nine months increased 72 percent to P15 billion from P8.7 billion in the same period last year, driven by the banking, automotive and real estate businesses.
GT Capital president Carmelo Maria Luza Bautista said in a statement to the stock exchange the recovery momentum remained steady despite rising inflation, interest rates and foreign exchange volatility.
“Overall, we remain confident that our core businesses will remain resilient as we face the macroeconomic headwinds into the coming year,” Bautista said.
Core net income improved 41 percent to P11.3 billion from P8.1 billion.
The net income contribution of Metropolitan Bank & Trust Co. reached P23.4 billion, up 45 percent year-on-year on the continued expansion of its lending portfolio, better margins, healthy fee income and lower provisions.
Toyota Motor Philippines booked a flat net income of P4.4 billion as the weak peso offset the higher revenues.
New vehicle sales reached 124,884 units from January to September, an increase of 35 percent year-on-year, pushing revenues to grow by 41 percent to P133.4 billion.
GT Capital Auto and Mobility Holdings Inc. chairman Vince Socco said the group was on track to hitting its P162,000 sales target for 2022 despite supply chain disruptions.
“The reopening of the economy and the loosening of consumer financing has driven stronger sales, notwithstanding price increases that were implemented to counter the weaker value of the Philippine peso,” Socco said.
GT Capital’s property unit Federal Land Inc., reported a net income of P4.2 billion, a 365-percent increase from P900 million in the same period last year.
This was driven by stronger reservation sales and a gain on its investment in Federal Land NRE Global Inc.
Federal Land’s total revenues went up 62 percent to P12.4 billion, while reservation sales advanced 73 percent to P13.7 billion.
The property firm also reported it would open this week Mitsukoshi BGC, a four-level mall located at the base of its upscale residential condominium project in Taguig City.
The project is in partnership with Isetan Mitsukoshi Holdings Ltd. and Nomura Real Estate Development Co. Ltd.