GT Capital Holdings Inc., the holding firm of the Ty Group, on Monday said its core income in January to September more than doubled to P8.7 billion from P3.7 billion last year, mainly driven by its banking group.
Metropolitan Bank and Trust Co. recorded a net income of P16.1 billion up by 46 percent from last year’s P11 billion, while Toyota Motor Philippines Inc. (TMPI) had a net income of P4.6 billion more than double last year’s P2.2 billion.
Stronger real estate sales from Federal Land Inc., as well as a higher net income contribution from associate Metro Pacific Investments Corp., contributed to the company’s positive performance for the period.
“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.
TMPI booked consolidated revenues of P94.3 billion for the period, up by half from last year’s P63.3 billion.
Toyota attained retail vehicle sales of 92,318 units in January to September, from 63,182 last year.
The automotive sector’s unit sales grew by 25 percent to 201,489 units from 161,212 units in the previous year.
TMPI is still the country’s top automotive brand with a 45.8-percent overall market share for the nine months of the year.
In September, Premium Warranty Services Philippines Inc. commenced operations, a joint venture between Premium Group of Japan and GT Mobility Ventures that in turn is a joint venture between GT Capital Auto Dealership Holdings, Inc. and Mitsui and Co. Ltd. (Japan).
Metro Pacific, meanwhile, reported a consolidated core net income of P9.5 billion for the period, up 23 percent from P7.7 billion last year.
This is a substantial improvement from just a 13-percent growth in the first half, largely driven by improved traffic on its toll roads and higher volume of electricity sold by Manila Electric Co.
Core net income for the third quarter rose 44 percent year-on-year to P3.5 billion and is on a par with the level posted in the second quarter of 2021.
This acceleration of growth reflects an improvement in performance notwithstanding the continued imposition of varying levels of quarantine across the country to contain the Covid-19 pandemic and was partially augmented by the impact of the Corporate Recovery and Tax Incentives for Enterprises Act, which lowered corporate income tax rates to 25 percent from 30 percent.
GT Capital’s wholly-owned property subsidiary Federal Land reported a consolidated net income of P904 million for the period, a 425-percent increase from P172 million during the same period last year, driven by stable construction activities and stronger project sales.
The company posted total revenues of P7.7 billion for the period, a 24-percent increase from P6.2 billion last year.
Real estate sales reached P5.3 billion, up from P4.3 billion last year as the company recorded a 29-percent growth in average monthly sales during the second and third quarters of this year.