By Denise A. Valdez, Reporter

EARNINGS of GT Capital Holdings, Inc. more than doubled in the third quarter due to a one-time gain from the redemption of shares in Property Company of Friends, Inc. (PCFI).

The Ty family-led conglomerate reported an attributable net income of P7.99 billion in the July to September period, up 110% from last year. Total revenues inched up 3% to P58.58 billion as expenses were 1% lower at P50.92 billion.

A P3.37 billion profit from the redemption of shares in PCFI in exchange for property P1.8 billion in cash helped boost the company’s bottomline.

Excluding the one-time gain in PCFI, the company’s core net income attributable to equity holders still grew 43% to P3.47 billion.

For the nine months to September, GT Capital’s attributable net income rose 40% to P15.33 billion. Revenues picked up 3% to P159.13 billion as expenses edged 2% higher to P139.79 billion.

Core net income attributable to equity holders jumped 20% to P12.39 billion during the nine-month period.

By business segment, GT Capital’s automotive operations contributed P138.18 billion in the nine months, 4% higher from last year. The improvement came from 0.4% higher wholesale volume at 117,597 units, where the retail sales of Toyota Motor Philippines Corp. (TMP) grew 4.3% against industry’s 1.7%.

The attributable net income of TMP ended at P7.34 billion or 13% higher from last year. Sumisho Motor Finance Corp. added P282.6 million to improve 54%, while Toyota Manila Bay Corp. generated P165.3 million to rise 29% from last year.

The banking segment, operated by Metropolitan Bank & Trust Co. (Metrobank), posted an attributable net income of P21.6 billion or 29% higher from last year. The growth is due to the 10% increase in net interest income to P56.2 billion, along with the 7% growth in loans from the commercial segment and 5% growth in loans from the consumer segment.

Contributions from the company’s shares in Metro Pacific Investments Corp. (MPIC), which it classifies under the infrastructure and utilities segment, dipped 5% to P1.80 billion. It traced the decline to higher expenses as foreign exchange losses grew.

GT Capital’s life and non-life insurance business, operating under Philippine AXA Life Insurance Corp., had a consolidated net income of P1.87 million or 12.6% lower from last year due to lower sales from market volatility.

In a briefing in Taguig City yesterday, GT Capital President Carmelo Maria Luza Bautista said the company expects to continue recording growth towards the end of the year, supported by the improving gross domestic product, benign inflation, higher infrastructure spending, favorable exchange rate, increasing consumer confidence and lower interest rates.

“All told, it would seem that these are ideal situations… We expect to end 2019 strong and have a good momentum moving into 2020,” he said.

Shares in GT Capital at the stock exchange lost 12 points or 1.33% to close at P890 each on Thursday.