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GT Capital’s third-quarter income down 2%, nine-month profit up 54%

LISTED conglomerate GT Capital Holdings, Inc. posted a 2% decline in its attributable net income for the third quarter due to higher costs and expenses. 

In a regulatory filing on Tuesday, GT Capital said its July-to-September income fell to P6.5 billion from P6.65 billion last year.

The company’s total revenue rose 12% to P74.91 billion from P66.71 billion a year ago, led by its automotive operations, which climbed 17.5% to P65.29 billion.

However, its total cost and expenses increased 11.5% to P65.61 billion from P58.83 billion a year ago, led by the cost of goods and services sold, which rose 17% to P48.76 billion.

Despite the lower third-quarter net income, GT Capital said it had a 54% increase in its consolidated nine-month net income to P23.09 billion from P14.95 billion last year.

GT Capital’s core net income also rose 105% to P23.25 billion from P11.33 billion.

The conglomerate said its core profit was driven by Metropolitan Bank & Trust Co. (Metrobank), which posted a 36% increase in net income to P31.8 billion, led by asset expansion, improving margins, and healthy noninterest income growth.

GT Capital said Metrobank logged a 39% year-on-year growth in net earnings as of September to P10.9 billion, while net interest income surged 24% to P77.2 billion on the back of higher margins and a 7% growth in gross loans.

GT Capital said Toyota Motor Philippines Corp. (TMP), in which it has a stake, also logged a 159% growth in net income to P10.9 billion.

TMP’s consolidated revenues improved 22% to P162.8 billion led by a 16% increase in vehicle sales as of end-September to 144,232 units compared with 124,884 units in the same period last year.

“We are very encouraged by the 25% growth in the automotive market in the first three quarters of 2023. This is a strong indication of the return to motorization that is an essential enabler of economic growth in the country. TMP continues its growth trajectory with nine-month sales already exceeding pre-COVID levels by 26%,” TMP President Atsuhiro Okamoto said. 

Property unit Federal Land, Inc. also reported a 176% increase in net income to P1.9 billion while AXA Philippines posted a 17% increase to P2.1 billion. 

GT Capital said that Metro Pacific Investments Corp. also contributed to the conglomerate’s “healthy performance” as it recorded a 37% increase in its core net income to P16.2 billion. 

“With gross domestic product (GDP) growth beating estimates and inflation improving during the third quarter, our operating companies continue to far exceed expectations. Metrobank continued its record-setting pace during the quarter. TMP sales volume is on track to over-achieve its targets for 2023. Federal Land’s reservation sales and core income are at an all-time high,” GT Capital President Carmelo Maria Luza Bautista said.

“With our key businesses thriving, GT Capital continues to be resilient despite persistent economic headwinds. We are hopeful that our growth momentum will help carry us forward for the rest of the year,” he added.

On Tuesday, shares of GT Capital rose P8 or 1.48% to P548 apiece while Metrobank shares fell 35 centavos or 0.67% to P52.20 each. — Revin Mikhael D. Ochave

Neil Banzuelo

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