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GT Capital net profit tumbles 26% to ₱2.5 B

By James A. Loyola

GT Capital Holdings, Inc. reported a 26 percent drop in consolidated net income to 2.5 billion in the first quarter of the year from ₱3.4 billion in the same period of 2019.

The firm disclosed to the Philippine Stock Exchange that it attained a core net income of ₱2.8 billion in January to March 2020, down 27 percent from ₱3.3 billion during the same period last year.

This was driven mainly by Metropolitan Bank & Trust Company (Metrobank), whose net income amounted to ₱6.1 billion, as well as Toyota Motor Philippines (TMP), which booked a net income of ₱1.5 billion.

GT Capital’s consolidated revenues reached declined 13 percent to ₱39.0 billion during the period from ₱44.9 billion in 2019.

Healthy booked real estate sales from Federal Land, Inc., as well as higher contributions from net income of associate Sumisho Motor Finance Corporation, supported GT Capital’s performance in the first quarter of 2020.

“Given the diversity of our investment portfolio, the strong position we hold in the sectors we are in, our solid financial position, and our strategic partnerships, we believe that our Group will be more resilient in coping with today’s difficult environment,” GT Capital President Carmelo Maria Luza Bautista said.

He noted that, “We are confident that we can bounce back from the current worldwide disruptions and adapt our strategies to the ‘new normal’ conditions of the marketplace.”

Metrobank posted ₱6.1 billion in net income for the first quarter of 2020 from ₱6.8 billion in the same period last year as it proactively doubled provisions to ₱5.0 billion.

TMP’s consolidated revenues dropped to ₱28.8 billion in the first quarter of 2020, from ₱33.8 billion in the previous year. Consolidated net income reached ₱1.5 billion during the period, from ₱1.8 billion in the first quarter of 2019.

Federal Land’s total revenues grew 33 percent to ₱3.3 billion in the first quarter of 2020, higher by 33% compared to the same period last year while consolidated net income surged 98 percent to ₱375 million in the first three months of 2020 from the ₱190 million in the previous year.

Metro Pacific Investments Corporation reported consolidated core net income of ₱3.4 billion in the first three months of 2020, down by 6 percent from ₱3.7 billion in the first three months of 2019, owing largely to the economic contraction stemming from enhanced community quarantine.

AXA Philippines’ consolidated life and non-life gross premiums for the period rose 27 percent to ₱9.5 billion in the first quarter of 2020 while consolidated net income reached ₱367 million.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/18/gt-capital-net-profit-tumbles-26-to-%e2%82%b12-5-b/)

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