GT Capital core net income jumps 29%

Font Size

GT Capital Holdings, Inc. delivered higher core earnings last year driven by its automotive, banking and infrastructure businesses.

The holding firm of tycoon George S.K. Ty, the country’s sixth richest man, said in a disclosure to the stock exchange on Wednesday, March 28, GT Capital saw a 29% rise in core net income to P15 billion last year from P11.7 billion in 2016.

Consolidated revenues increased 19% to P239.8 billion from P202.1 billion on the back of strong unit sales from Toyota Motor Philippines Corp.] as well as improved performance from associates Metropolitan Bank & Trust Co., AXA Philippines, and Metro Pacific Investments Corp.

“Our full-year 2017 results show encouraging growth momentum, with core net income up by 29 percent. GT Capital’s key sectors continue to be in the sweet spot, in line with our country’s stage of economic development, reaping demographic dividends,” GT Capital President Carmelo Maria Luza Bautista was quoted in a statement as saying. — Krista Angela M. Montealegre