GT Capital Holdings Inc., the holding firm of the Ty family, on Tuesday said its income in the first quarter grew 61 percent to P4.1 billion from last year’s P2.5 billion due to the strong performance of its banking and automotive businesses.
Revenues grew 16 percent to P45.35 billion from last year’s P39.01 billion.
“Notwithstanding the recent surge in Covid-19 cases and the reimposition of the enhanced community quarantine [ECQ] in March, we remain optimistic for the rest of the year. We look forward to the escalated vaccine deliveries by the second half, the faster inoculation of the general public, and the re-opening of more sectors of the economy,” GT Capital President Carmelo Maria Luza Bautista said.
Metropolitan Bank and Trust Co.’s net income surged 27 percent to P7.78 billion in the first quarter from last year’s P6.12 billion, mainly on the rise of non-interest income.
Toyota Motor Philippines had a consolidated net income of P2 billion during the period, 39 percent higher than P1.4 billion last year. It booked consolidated revenues of P33.9 billion in the first quarter, an 18-percent growth from last year’s P28.8 billion.
Toyota grew retail vehicle sales by 29 percent to 33,095 units in January to March from 25,696 units last year. The automotive sector’s unit sales rose by 6 percent to 74,585 units from 70,730 units in the previous year.
Last February, it launched the New Innova, while it launched the Vios GR Sport and the New Vios in March.
Toyota Philippines remained the country’s number one automotive brand with a record 44.4 percent overall market share in the first quarter.
“Despite the reimposition of the ECQ and the uncertain impact of the safeguard duties on sales of imported vehicles, we delivered strong results in the first quarter of 2021. We are reasonably confident that this momentum will continue throughout the rest of the year,” GT Capital Auto Dealership Holdings Inc. Chairman Vince S. Socco said.
“As quarantine restrictions are lifted, transportation and mobility will be among the essential drivers of economic recovery. Furthermore, we look forward to our entry into the pre-owned vehicle segment, through our joint ventures with JBA Philippines and Premium Warranty, which will continue to expand our automotive value chain footprint.”
Property unit Federal Land Inc. reported a consolidated net income of P327 million during the period, a 13-percent decline from P375 million last year, due to construction and sales activity restrictions during the quarantine period.
It booked total revenues of P2.4 billion in the first quarter, down by 27 percent from P3.3 billion last year. Reservation sales for the quarter reached P3.5 billion or less than half of last year’s P7.9 billion.
Lease revenues amounted to P349 million during the period, an 18-percent decline from P428 million last year.
Insurer AXA Philippines’s net income posted an 11-percent decline to P324 million from P367 million in the previous year.
Consolidated life and general insurance gross premiums increased by 32 percent to P12.5 billion from P9.5 billion last year, driven by the life segment, which rose 42 percent year-on-year.
AXA’s performance was driven by higher single premium sales, which grew 86 percent year-on-year. Life insurance sales in annualized premium reached an equivalent of P1.8 billion in the first quarter from P1.5 billion last year, as single premium product sales increased significantly.