GT Capital H1 profit drops to P4 billion

Posted at 08/15/14 3:05 PM

MANILA, Philippines – George Ty-led conglomerate GT Capital Holdings Inc. posted a P2 billion-drop in its net income in the first half of the year compared to last year’s figures.

GT Capital said profit from January to June 2014 dropped to P4 billion from P6 billion booked in the same period last year.

Its consolidated revenues for the first half of the year, meanwhile, jumped 35 percent to P66 billion from P49 billion in 2013.

The company attributed the revenue growth to the higher vehicle sales of Toyota Motor Philippines Corporation (TMP) and the sustained real estate sales of Federal Land, Inc. (Federal Land).

“GT Capital’s component companies performed within our expectations during the first half of this year. We thus remain confident that the company will operate equally well for the rest of the year, with our dominant auto business and resilient property development projects as key growth drivers,” said GT Capital chairman Francisco Sebastian.

TMP’s total revenues increased by 29 percent to P48.9 billion from P37.8 billion attained in the first half of 2013.

The leading auto company in the country also posted growth in its consolidated net income of 30 percent to P2.98 billion from P2.3 billion during the same period last year.

Toyota sold 48,512 vehicles in the country in the first half, resulting in a year-on-year growth of 39 percent and a total market share of 38.4 percent.

GT Capital’s banking unit Metropolitan Bank & Trust Company (Metrobank) said its consolidated net income dropped 50 percent to P9.1 billion for the first six months of this year.

Consolidated deposits also increased 23 percent year-on-year to P1.1 trillion, while loan growth was sustained at 19 percent, reaching P647.5 billion.