By Krista Angela M. Montealegre, National Correspondent
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 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 in 2017 from P202.1 billion a year ago on the back of strong unit sales from Toyota Motor Philippines Corp. as well as improved performance from associates Metropolitan Bank & Trust Co. (Metrobank), AXA Philippines, and Metro Pacific Investments Corp.
“Our full-year 2017 results show encouraging growth momentum, with core net income up by 29%. 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.
Toyota Motor Philippines grew its net income by 11% to P13.4 billion last year from P12.1 billion in 2016 on the back of a 19% growth in consolidated revenues to P185.3 billion in 2017 from P155.8 billion in 2016.
The automotive company hit retail sales volume of 183,908 units last year, garnering a 16% improvement from 158,728 units in 2016, to corner an overall market share of 39%.
Real estate firms Federal Land, Inc. and Property Company of Friends, Inc. reported an aggregate net profit of P2.1 billion after booking a combined 5% growth in consolidated revenues to P18.2 billion from P17.3 billion in the year prior.
AXA Philippines’ total life insurance sales in annualized premium equivalent in 2017 climbed 27% to P6.3 billion from P5.0 billion boosted by the expansion in regular and single premiums of 29% and 20%, respectively.
The insurance company generated consolidated life and non-life net income of P2.5 billion for 2017. For the stand-alone life insurance segment, AXA Philippines achieved a 42% growth in net income to P2.4 billion from P1.7 billion in 2016.
Metrobank earlier disclosed consolidated earnings of P18.2 billion in 2017, up 10% on a core basis, following the growth in loans and deposits that resulted in improved margins and better operating leverage.
Metro Pacific reported a 17% rise in consolidated core net income to P14.1 billion from P12.1 billion after deepening its presence in the power industry as well as robust traffic growth on all roads held by Metro Pacific Tollways Corp. and continuing growth in the hospital group.
Shares in GT Capital added P6 or 0.52% to close at P1,169 apiece on Wednesday.