Banking, car sales drive GT income
Credit to Author: Tyrone Jasper C. Piad| Date: Thu, 14 Nov 2019 16:22:09 +0000
GT Capital Holdings Inc. saw its consolidated net income soar by 40 percent in the first nine months from the robust performance of its banking and car segments.
The Ty-led conglomerate, in a briefing on Thursday in Taguig, said its earnings for the period reached P15.3 billion, better than the previous year’s P10.9 billion.
Consolidated revenues climbed 3 percent to P159.1 billion while core net income improved by 20 percent to P12.4 billion in the January to September period.
Metropolitan Bank and Trust Co. posted nearly 29-percent growth in its nine-month earnings to register P21.58 billion, higher than the P16.750 billion a year ago, with the bank pointing to core business’ “solid” performance and favorable market conditions.
The banking unit’s net interest margin stood at 3.91 percent in the first nine months.
Toyota Motor Philippines Corp.’s three-quarter consolidated net income surged by 13 percent to P7.5 billion from the year-earlier P6.6 billion as total revenues inched up by 2 percent to P121.4 billion. Sales were driven by the Vios and Innova models.
This showed “signs of recovery due to easing inflation, declining interest rates and rebound in consumer confidence,” GT Capital President Carmelo Maria Luza Bautista said.
In the first nine months, Toyota sold 114,117 units, which was 4 percent better than the 109,402 units a year ago.
It also sold 13,460 units in September alone, showing a 3-percent growth month-on-month
and a 6-percent increase year-on-year.
The Japanese automaker still leads the Philippine vehicle market with a 38.4-percent share.
Property arm Federal Land Inc. saw its consolidated net income grow by 8 percent to P1 billion in the first three quarters from P965 million the previous year. This, as core revenues spiked 15 percent to P9.2 billion.
Residential reservation net sales and leasing revenues climbed by 85 percent and 22 percent, respectively, during the period.
Metro Pacific Investments Corp.’s nine-month net income slipped by 5 percent to P11.8 billion from P12.49 billion the previous year due to nonrecurring expenses mostly from foreign exchange losses.
As of end-September, AXA Philippines booked a consolidated net income of P2 billion and total premiums of P23.4 billion, respectively.
GT Capital shares dropped P12 or 1.33 percent to end at P890 each on Thursday.