GT CAPITAL HOLDINGS, Inc. recorded an attributable net profit of P197 million in the second quarter, or about 19 times lower than its bottom line in the same period last year, largely because of a deep plunge in its gross revenue.

In a regulatory filing on Monday, the Ty-led conglomerate reported a 75.6% fall in its quarterly gross revenue to P13.6 billion.

In the first semester, the holding firm posted an attributable net earnings of P2.74 billion, down 61.8% and pulled down by income declines in its banking and automotive businesses.

Its total revenues fell 47.8% to P52.62 billion in the first six months of 2020, compared with P100.75 billion a year ago.

Metropolitan Bank & Trust. Co. recorded a 30% drop in profit to P9.1 billion in the period as it raised loan provisions to P22.8 billion.

Toyota Motor Philippines Corp. netted P1.03 billion, more than four times lower than the P4.43 billion it earned a year ago.

It sold 35,648 units between January and June, lower compared with the 73,454 units sold a year ago. Despite this, Toyota still dominated the local industry with a 38.5% market share in the first semester.

“Digital initiatives were rolled out to provide platforms for car buyers to engage with dealers. Pent-up demand drove new vehicle sales in May, but in June, new reservations increased indicating an encouraging return of buyers to the market,” GT Capital Auto Dealership Holdings Chairman Vince S. Socco said.

“Smaller, more affordable vehicles were popular among those seeking alternative transport solutions. This underscores the essential nature of the auto and mobility sector in the drive to rebuild the economy,” Mr. Socco added.

Federal Land, the conglomerate’s property unit, also posted a lower income of P171 million in the first half, compared with P404 million last year. Its reservation sales expanded slightly by 3% to P9.1 billion, while lease revenues grew by 15%.

Metro Pacific Investments Corp.’s core income fell by 38% to P5.3 billion. This is attributed to a slump in contributions from its toll roads, rail services, water, and power businesses as their operations were affected by government-imposed quarantine policies.

GT Capital’s profits, though lower, were supported by income growth in AXA Philippines and Sumisho Motor Finance Corp.

The health insurance firm’s total life and general insurance gross premiums increased by 11% to P16.7 billion in the period, lifting its net income by 29% to P1.5 billion.

“During this period of uncertainty, GT Capital continues to practice fiscal discipline, resulting in a strong and stable balance sheet, adequate liquidity, and access to credit facilities, in case of need,” GT Capital President Carmelo Maria Luza Bautista said.

“Our Group’s solid core businesses make us well-positioned to ride out the impact of this pandemic,” the official said.

On Monday, shares in GT Capital grew by 5.74% to close at P424 each. — Adam J. Ang