Automotive sales drive GT Capital’s Q3 income to P7.94B

TY-LED conglomerate GT Capital Holdings, Inc. saw a 22% increase in its third-quarter (Q3) attributable net income to P7.94 billion from P6.5 billion last year, driven by its automotive unit Toyota Motor Philippines Corp. (TMP).

“The (growth) was principally due to the 13% growth in total revenues driven by the 13% growth in the revenue from automotive operations and 15% growth in equity in net income from associates and joint ventures,” GT Capital said in a regulatory filing on Thursday.

Third-quarter revenue climbed by 13% to P84.41 billion, while core net income rose by 14% to P7.55 billion.

Costs and expenses increased by 10% to P72.42 billion from P65.61 billion in 2023.

For the first nine months, GT Capital saw a 6% decline in attributable net income to P21.72 billion from P23.09 billion last year.

“The decrease was principally due to the absence of significant property sales realized by the parent company and Federal Land, Inc. in 2024, offset by the 10% growth in revenue from automotive operations and 8% growth in equity in net income of associates and joint ventures,” it said.

Nine-month revenue grew by 5% to P235.16 billion, while core net income dropped by 8% to P21.4 billion.

Costs and expenses increased by 7% to P202.28 billion versus P188.65 billion in 2023.

“We attribute the strong performance of GT Capital in the first nine months of the year to the favorable macroeconomic environment. In particular, the stable gross domestic product (GDP), slower inflation, and easing monetary policies during the period drove our core businesses above last year’s record levels,” GT Capital President Carmelo Maria Luza Bautista said.

“We are hopeful that this momentum will be sustained through the rest of the year, supported by the seasonal holiday spending and overall positive market outlook,” Mr. Bautista added.

For the banking segment, Metropolitan Bank & Trust Co. (Metrobank) recorded a 12.4% increase in its nine-month net income to P35.7 billion on asset expansion, recovery in noninterest income, and improved asset quality.

Net interest income climbed by 11% to P85.7 billion. Gross loans increased by 15.6%, as commercial loans climbed by 16.6% and consumer loans grew by 12.3%.

The automotive business led by TMP saw a 12% growth in nine-month net income to P12.2 billion after selling 159,088 units, up by 10.3% from last year.

Sales rose by 9.9% to P178.94 billion, while gross profit increased by 13.9% to P25.5 billion amid higher purchases of the Vios, Wigo, Hilux, and Innova models.

For the property segment, Federal Land recorded a 65% decline in nine-month attributable net income to P652.1 million, while revenue fell by 27.6% to P9.54 billion.

The company posted a 25.7% drop in real estate sales to P5.3 billion, while reservation sales fell by 33% to P12 billion.

Pangilinan-led Metro Pacific Investments Corp. (MPIC) recorded a 28% increase in core net income to P20.8 billion. GT Capital has a 15.6% stake in MPIC.

MPIC’s holdings delivered a 21% increase in contribution from operations to P24.3 billion.

AXA Philippines Life and General Insurance Corp. saw a 1.9% decline in net income to P2 billion. It generated a 16% increase in consolidated life and general insurance gross premiums to P22.6 billion.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls.

On Thursday, GT Capital shares fell by 3.15% or P20.50 to P629.50 per share. — Revin Mikhael D. Ochave