TY family-led GT Capital Holdings Inc. on Thursday reported a consolidated net income of P21.7 billion for the first three quarters of 2024, down 6 percent from P23 billion in 2023, given the absence of one-off gains booked last year.
“Excluding nonrecurring gains from lot sales and incentives from the Comprehensive Automotive Resurgence Strategy program in 2023, this is an 8-percent increase year on year,” the conglomerate told the stock exchange.
GT Capital said the solid results of subsidiaries Metropolitan Bank & Trust Co. (Metrobank) and Toyota Motor Philippines (TMP), and associate Metro Pacific Investments Corp. (MPIC), coupled with a favorable macroeconomic environment, were behind the strong performance for the period.
GT Capital President Carmelo Maria Luza Bautista also cited a stable economic growth, slower inflation and easing monetary policies that “drove our core businesses above last year’s record levels.”
“We are hopeful that this momentum will be sustained through the rest of the year, supported by the seasonal holiday spending and overall positive market outlook,” he added.
The drop in consolidated net income offset a 10-percent revenue growth in automotive operations and an 8-percent increase in equity in net income of associates and joint ventures.
Real estate sales and interest income on such sales likewise suffered declines in the period.
By segment, Metrobank posted a record net income of P35.7 billion, up 12.4 percent, on strong asset expansion, recovery in noninterest income and improved asset quality, resulting in a 12.9-percent growth in return on equity.
Metrobank President Fabian Dee said they were “looking forward to the positive impact of recent regulatory measures on the banking industry alongside the improving economic outlook.”
The bank’s gross loans surged 15.6 percent, commercial loans climbed by 16.6 percent and consumer loans rose 12.3 percent, leading to an 11-percent rise in net interest income to P85.7 billion.
In the automotive segment, TMP posted a “record” net income of P12.2 billion, up 12 percent from last year, as retail sales volume grew 10.3 percent.
TMP sold 159,088 units in the nine months on the back of strong demand for its Vios, Wigo, Hilux and Innova models. Toyota remained the sector’s dominant brand with a market share of 46 percent.
Company President Masando Hashimoto said the company’s growing lineup of electric vehicles also represented “TMP’s dedication to its multi-pathway approach to decarbonization.”
Property developer Federal Land Inc., meanwhile, posted a net income of P652 million on revenues of P9.5 billion, down 27.6 percent from last year.
MPIC reported a consolidated core net income of P20.8 billion, up 28 percent, thanks to increased contributions from the operations of units Manila Electric Co. and Maynilad, as well as increased traffic on its toll roads.
Life and general insurance gross premiums from AXA Philippines Life and General Insurance Corp. rose 16 percent to P22.6 billion, with net income of P2 billion in the nine months.
GT Capital shares on Thursday fell by P20.50, or 3.15 percent, to P629.50 apiece as the broader market continued its downtrend, with the benchmark Philippine Stock Exchange index ending down 2.3 percent.
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