GT Capital profits surge 97% in 2012
MANILA, Philippines -- GT Capital Holdings Inc. saw its net income jump 97% to P6.5 billion in 2012 from the previous year, buoyed by strong revenue growth from its units.
In a disclosure, the firm said consolidated revenues last year ballooned 189% to P23 billion from just P8 billion in 2011.
"The robust revenue increase resulted from the consolidation of GBPC (Global Business Power Corp.) in May of last year, higher net income contributions from its associates, and the non-recurring gains realized by Fed Land (Federal Land Inc.) and GBPC during the year," GT Capital said.
GT Capital is the Ty family's holding firm for its various businesses, namely, Metropolitan Bank and Trust Co. (Metrobank), Toyota Motor Philippines Corp., GBPC, Fed Land, and Philippine AXA Life Insurance Corp.
"The encouraging full-year results delivered by our five component companies have been fueled by the sustained growth in domestic consumption, coupled with the strong business synergies created within the group," Arthur V. Ty, GT Capital chairman, said in the disclosure.
GT Capital noted Metrobank grew its consolidated net income by 40% to P15.4 billion in 2012, while Toyota saw its net income climb 37% to P3 billion last year.
GBPC's core net income summed up to P2.6 billion in 2012, while Fed Land realized a 235% jump in its consolidated net income to P2 billion last year.
AXA Philippines, meanwhile, saw its net income reach P915 million in 2012.