GT Capital Holdings Inc. (GTCAP), the listed holding company of the Ty family, said Thursday its first-half net income declined 17 percent to P13.8 billion from last year’s record profit which was boosted by one time-gains.
Recurring net income, which excludes the P3.2-billion extraordinary gains recorded last year, climbed 5 percent.
“Coming off the record performance in 2023, GT Capital continued to show positive growth in the first half of 2024,” GTCAP president Carmelo Maria Luza Bautista said.
Bautista said the group managed to sustain its growth momentum on sustained performance of its banking and automotive businesses.
“We remain encouraged by the strong core business fundamentals of GT Capital and the resiliency of the domestic economy,” Bautista said.
He said that with seasonal demand expected to pick-up in the last two quarters of the year, the group is optimistic about the company’s performance in the second half.
The company said its first-half earnings were supported by the record-high net income reported by Metropolitan Bank & Trust Company (Metrobank) at P23.6 billion, as well as the 11.5-percent retail vehicle sales growth achieved by Toyota Motor Philippines (TMP), which led to a 7-percent increase in the automotive company’s consolidated revenues during the period to P113.9 billion. Jenniffer B. Austria
TMP’s total market share reached 45.9 percent in the first six months with the introduction of new models.
Real estate unit Federal Land, Inc. (Federal Land) reported a net income of P775 million, while insurance firm AXA Philippines Life and General Insurance Corporation (AXA Philippines) attained a 15-percent increase in net income to P1.5 billion.
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