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Business units drive GT Capital’s 52% profit rise

GT CAPITAL Holdings, Inc. booked a consolidated net income of P6.64 billion in the first quarter, up 52% from P4.4 billion a year ago, driven by contributions from its business units, it said on Tuesday.

“Our first-quarter financial results show all our operating companies sustaining the high growth momentum of the previous year,” GT Capital President Carmelo Maria Luza Bautista said in a statement.

“With expectations of a more stable macroeconomic environment, less value chain disruptions, and resurgent consumption, our outlook remains positive for the rest of the year,” he added.

The company’s banking unit Metropolitan Bank & Trust Co. (Metrobank) saw its net income jump by 31.3% to P10.5 billion, translating to a 13.1% return on equity, higher than the 10.3% last year. Net interest income rose by 28.8% to P24.9 billion on the back of a 12.5% increase in loans and a 54-basis-point hike in net interest margin to 3.9%.

“Metrobank’s solid performance in the first three months of the year reflects our continued efforts to capture opportunities of a growing economy while we strive to keep our balance sheet strong against risks of volatile market conditions,” Metrobank President Fabian S. Dee said.

Toyota Motor Philippines Corp. (TMP) more than doubled its consolidated net income for the quarter to P4.5 billion from P2.1 billion in the same period last year. Consolidated revenues jumped 28% to P53.7 billion from P42.1 billion previously.

In the first quarter, TMP’s retail vehicle sales increased by 21% to 45,205 units. Although lower than the market growth of 27% to 95,270 units, the company cornered an overall market share of 47.4%.

“TMP has clearly shown a strong performance for the first quarter. The continuing normalization of supply chains has seen the market and Toyota sales volumes expand,” GT Capital Auto and Mobility Holdings, Inc. Chairman, Vince S. Socco said. “Demand for motor vehicles remains robust in line with the sustained high levels of economic recovery. As well, the return of consumer loan financing is further spurring vehicle purchases.”

GT Capital’s property unit Federal Land, Inc. saw its first-quarter consolidated net income decline by 8% to P286 million from P311 million the prior year, while revenues fell by 7.1% to P2.6 million from P2.8 million in the same period last year.

Reservation sales rose by 71% to P6.2 billion due to sales from The Seasons Residences and the Grand Hyatt Residences in Bonifacio Global City, Taguig.

The company’s associate Metro Pacific Investments Corp. (MPIC) booked a consolidated core net income of P4.3 billion in the first quarter, up 38% from P3.1 billion a year ago, after its business holdings recorded better results.

Manila Electric Co. contributed P4.2 billion or 75% of MPIC’s net operating income for the quarter, followed by Metro Pacific Tollways Corp. with a share of P1.3 billion or 23%, and Maynilad Water Services, Inc. with P1.1 billion or 19%.

GT Capital’s other businesses — light rail, healthcare, agribusiness, real estate, and fuel storage — incurred a total net loss of P967 million.

A consortium of companies, which includes GT Capital, had recently submitted a tender offer to buy out the 36.6% minority shares in MPIC amounting to a tender offer price of P4.63 per share.

The company would spend about $70 million for an additional 2.9% stake in MPIC. If realized, its stake in MPIC would increase to 20%.

Meanwhile, AXA Philippines recorded a consolidated net income of P708 million, up 66% from P426 million the prior year, driven by improved margins and net investment income.

Its consolidated life and general insurance gross premiums fell by 23.2% to P6.3 billion from P8.2 billion last year, as investors remain cautious due to market uncertainties.

On Tuesday, GT Capital shares surged 4.21% or P20 to close at P495 each. — Adrian H. Halili

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