Ty family-led conglomerate GT Capital Holdings’ first quarter net profit surged by 60 percent year-on-year to P4.1 billion as earnings contribution from its banking and automotive businesses rebounded.
Excluding nonrecurring items, core net income rose by 19 percent year-on-year to P3.4 billion, GT Capital disclosed to the Philippine Stock Exchange on Tuesday.
Automotive arm Toyota Motor Philippines (TMP) delivered P2 billion in three-month net profit, up by 39 percent year-on-year, as demand for cars improved despite a prolonged COVID-19 pandemic.
TMP booked consolidated revenues of P33.9 billion in the first quarter, marking an 18-percent year-on-year growth as retail vehicle sales improved by 29 percent to 33,095 units compared to last year when the lockdowns were just starting. Total unit sales also improved by 6 percent year-on-year to 74,585 units.
TMP—the country’s leading automotive brand with an estimated market share of 44.4 percent—launched the New Innova in February, followed by the rollout of the Vios GR Sport and the New Vios in March.
Strong results
“Despite the reimposition of the enhanced community quarantine and the uncertain impact of the safeguard duties on sales of imported vehicles, TMP delivered strong results in the first quarter of 2021. We are reasonably confident that this momentum will continue throughout the rest of the year,”
-GT Capital Auto Dealership Holdings chair Vince Socco said.
“As quarantine restrictions are lifted, transportation and mobility will be among the essential drivers of economic recovery. Furthermore, we look forward to our entry into the pre-owned vehicle segment, through our joint ventures with JBA Philippines and Premium Warranty, which will continue to expand our automotive value chain footprint,” he added.
It was earlier reported that GT Cap’s banking crown jewel, Metropolitan Bank & Trust Co., chalked up a first quarter net income of P7.8 billion, up by 27.1 percent year-on-year due to stable fee-based earnings and a much larger treasury windfall.
Higher gross premium income from AXA Philippines also supported GT Capital’s performance during the period.
Meanwhile, GT Capital’s property and infrastructure businesses lagged.
Federal Land reported a three-month consolidated net income of P327 million from P375 million in the previous year, due to construction and sales activity restrictions during the quarantine period.
Total revenues amounted to P2.4 billion compared to P3.3 billion in the same period last year, while reservation sales slowed down to P3.5 billion, down by 55.6 percent year-on-year, while lease revenues fell by 18.4 percent to P349 million.
