GT CAPITAL Holdings, Inc.’s consolidated attributable net income in the third quarter amounted to P1.99 billion, surging 307% from its P490-million income recorded in the same period last year.
According to a regulatory filing on Monday, the company’s topline posted a 21% improvement to P39.84 billion from P32.98 billion last year. Its core attributable net income also climbed to P2.27 billion from P570 million.
For the nine-month period, GT Capital’s net attributable income totaled P8.67 billion, up by 168% from P3.23 billion last year.
In a separate statement disclosed to the exchange on Monday, the company said its core income also grew 115% to P8.1 billion in the nine-month period from P3.7 billion.
“Despite the stringent lockdown imposed during the month of August, GT Capital’s consolidated nine months results rebounded strongly across all sectors… Noteworthy growth rates were realized in our auto, property, and financial services subsidiaries,” GT Capital President Carmelo Maria Luza Bautista said in the statement.
Metropolitan Bank & Trust Co.’s reported net income for the nine-month period improved by 46% to P16.1 billion after recording a 131% earnings growth to P4.4 billion in the quarter ending September.
Meanwhile, Toyota Motor Philippines Corp. (TMP) consolidated net income totaled P4.6 billion, more than double the P2.2 billion registered in the same period last year. Consolidated revenues grew 49% to P94.3 billion from P63.3 billion last year.
For the January-to-September period, Toyota scored a 46% improvement in retail vehicle sales to 92,318 units from last year’s 63,182. The automotive sector, on the other hand, sold 201,489 units, higher by 25% from last year’s 161,212.
TMP ended the nine-month period with a 45.8% market share. In October, it launched the Fortuner GR Sport and Hilux GR Sport models.
“In addition to strides in the new car market, we launched our maiden venture in the pre-owned vehicle segment through Premium Warranty Services,” GT Capital Auto Dealership Holdings, Inc. (GTCAD) Chairman Vince S. Socco said.
“Our goal at Premium is to help create a more transparent selling, buying, and ownership experience in the pre-owned car market,” he added.
Property unit Federal Land, Inc.’s consolidated net income surged 425% as of September to P904 million from P172 million a year ago, as the company posted stronger sales backed by the continued the construction of projects. Revenues grew by 24% to P7.7 billion from P6.2%.
Federal Land’s real estate sales went up by 23% to P5.3 billion from P4.3 billion. Meanwhile, its office occupancy rate for the period stood at 90%.
“Federal Land is optimistic about the improving market conditions, as the economy reopens and consumer confidence and spending increase,” it said.
Metro Pacific Investments Corp. saw its consolidated core net income rise by 23% in the nine-month period to P9.5 billion from last year’s P7.7 billion.
AXA Philippines said its consolidated net income for the three quarters amounted to P2.2 billion, inching down from the P2.3 billion logged in the same period last year.
AXA Philippines reported a 28% growth in its consolidated life and general insurance gross premiums to total P32.8 billion in the nine-month period from last year’s P25.7 billion.
Meanwhile, its life insurance sales in annualized premium rose 27% to P4.7 billion from P3.7 billion on the back of higher single premium product sales, which surged 80% from a year ago.
GT Capital remains positive for the remaining quarter of the year after seeing coronavirus disease 2019 (COVID-19) cases decline, while the country’s vaccination program continues to progress.
“The more recent decline in reported COVID-19 cases, the lifting of mobility restrictions, and the increased number of fully vaccinated individuals in key cities have resulted in a noticeable resurgence of consumer confidence,” Mr. Bautista said.
“This gradual return to pre-pandemic conditions will result in positive momentum for the last quarter of the year, paving the way for an even more robust recovery in the coming year,” he added.
Shares of GT Capital at the local bourse closed unchanged on Monday at P580 per share. — Keren Concepcion G. Valmonte
