GT Capital Holdings Inc., the listed holding company of the Ty Group, posted a net income of P6.5 billion in 2020, down 68 percent from P20.3 billion in 2019, on lower contribution from the banking, automotive and real estate businesses.
GTCAP said in a disclosure to the stock exchange Monday core net income dropped 53 percent in 2020 to P7.4 billion from P15.8 billion in the previous year.
Consolidated revenues declined 40 percent to P134.4 billion in 2020 from P222.9 billion a year ago.
“Our year-end 2020 results show the full impact of the pandemic and the consequent lockdown that hampered the group to effectively only seven months of operations. However, the strong performance posted during the last quarter under general community quarantine demonstrates the group’s resiliency to rebound on the path to normalcy,” GTCAP president Carmelo Maria Luza Bautista said.
“We are optimistic that despite the recent surge in COVID-19 cases, while alarming, will be mitigated once the pre-ordered vaccines are delivered by June and September. We have taken the necessary steps to procure the vaccines to protect all our employees and contractual staff. We anticipate that 2021 will be less disruptive than the previous year,” she added.
The conglomerate’s banking unit, Metropolitan Bank & Trust Company (Metrobank), registered a net income of P13.8 billion in 2020, down more than 50 percent from a year ago, as the bank booked P40.8 billion as provisions for bad loans.
Unit Toyota Motor Philippines reported a net income of P3.4 billion, down 63.4 percent from P9.4 billion, as sales fell 38 percent to 100,019 units from 162,011 units in 2019.
Revenues, however, have steadily recovered as quarter sales came to within 85 percent of the same period in 2019, peaking to 13,716 units in December.
GTCAP’s wholly-owned property subsidiary Federal Land Inc. booked total revenues of P9.3 billion in 2020, down 29.5 percent from P13.2 billion in the previous year.
Reservation sales for the year reached dropped 41.3 percent to P14.2 billion versus P24.2 billion in 2019.
Lease revenues, meanwhile, increased 17 percent to P1.8 billion, driven by new tenants in the developer’s commercial properties.