Metro Manila (CNN Philippines, May 18) — GT Capital Holdings saw its earnings grow by 60% in the first quarter of the year “driven primarily” by higher incomes of its banking and automotive businesses.
In a disclosure published in the local bourse Tuesday, the Ty family-led company reported a consolidated net income of ₱4.1 billion for the period, up 60% from ₱2.5 billion in same quarter in 2020.
“The solid performance of Metrobank and the strong rebound in the auto business led to significant earnings growth for GT Capital in the first quarter,” GT Capital president and director Carmelo Bautista said in the disclosure.
Metrobank, one of the biggest banks in the Philippines, saw earnings rise by 27% to ₱7.8 billion from January to March. The listed conglomerate noted this is mainly because of the 28% annual increase in non-interest income, which currently stands at ₱7.9 billion.
Toyota Motor Philippines also tallied a net income of ₱2 billion, a 39% jump from the ₱1.4 billion recorded in the same period in 2020. The company sold 33,095 retail vehicles during the quarter, up 29% year-on-year. Its automotive sales also expanded by 6% to 74,585 units.
“TMP has remained the country’s number one automotive brand with a record 44.4% overall market share in the first quarter of 2021, continuing its strong leadership position in the market,” said GT Capital.
However, infrastructure arm Metro Pacific Investments saw income plummet by 26% to ₱2.5 billion in the first three months of the year.
“Similar to previous quarters, mobility restrictions have resulted in reduced toll road traffic, light rail services, and commercial and industrial demand for water and power,” noted GT Capital.
Property subsidiary Federal Land’s earnings, meanwhile, fell to ₱327 million from the ₱375 million registered in 2020 because of “construction and sales activity restrictions during the quarantine period.”
Insurance arm AXA Philippines’ net income also decline to ₱324 million compared to ₱367 million in the first quarter of 2020.
“Notwithstanding the recent surge in Covid-19 cases and the reimposition of the Enhanced Community Quarantine in March, we remain optimistic for the rest of the year,” Bautista said.
He added the group looks forward to ramped up vaccine deliveries in the second half of 2021, faster inoculation of the populace, and reopening of more economic sectors, as this will allow GT Capital “to build on its growth momentum from the first quarter.”
