GT Capital Holdings Inc. on Tuesday said its net income for the first three months of the year slightly rose, dragged by its nonlife-insurance unit that incurred a nonrecurring reinsurance expense for the period.
The holding firm of the Ty family said its income reached P2.95 billion for the period, up by 5 percent from last year’s P2.8 billion.
Stripping out that expense, the company said its net income grew by 12 percent. Consolidated revenues rose 16 percent to P40.8 billion, from P35.2 billion in 2015.
“Robust vehicle sales from Toyota Motor Philippines Corp., higher kilowatt-hour sales realized by Global Business Power Corp., real-estate sales from Federal Land Inc. and Property Company of Friends Inc. [Pro-Friends[ led to GT Capital’s revenue growth,” the company said.
“GT Capital’s component companies met expectations at the start of 2016. Despite macroeconomic headwinds, the company sustained its growth trajectory. For the rest of the year, we believe key economic drivers such as continued expansion of the business-process outsource industry and sustained growth in progressive next-wave cities, will benefit GT Capital’s lines of business,” GT Capital Chairman Arthur Ty said.
Metropolitan Bank and Trust Co. reported consolidated net income of P5.25 billion for the first quarter of 2016, up 3 percent compared to the same period last year.
Toyota Philippines consolidated revenues rose 7 percent to P28.1 billion in the first quarter of 2016, from P26.2 billion during the same period in 2015. The company’s consolidated net income grew 18 percent to P2.8 billion, from P2.4 billion last year.
The company sold 30,498 vehicles during the first quarter of 2016, a 10-percent year-on-year improvement. The company also continues to lead in overall-market share at 35 percent.
Its power unit’s net income reached P397.5 million, increasing by half from last year’s P263.8 million. Kilowatt-hour sales rose by 7 percent to 840.7 million kWh in the first quarter of 2016, from 786.3 million kWh the previous year.
The power company’s net fees amounted to P3.9 billion for the period. Federal Land’s first-quarter revenues grew to P2.4 billion, from P2.1 billion last year.
Rental income improved 6 percent to P207.9 million, from P195.5 million in the same period in 2015, driven by leases in GT Tower International, Blue Bay Walk and AXA Center.
Real-estate sales amounted to P1.9 billion, from P1.5 billion in the same period last year. Net income, meanwhile, reached P440.7 million, from P317.9 million in 2015.
Pro-Friends’s net income surged to P563.2 million for the period, more than tripling last year’s P160.4 million. Increased real-estate sales revenues and lower operating expenses contributed to Pro-Friends’s noteworthy income growth, it said.
AXA Philippines’s total sales in annualized premium equivalent reached P1.1 billion.
Regular premium sales grew by 16 percent year-on-year. However, single-premium sales, affected by significant market volatility in the quarter, contracted by over 40 percent from the same period last year. Its net income improved 6 percent year-on-year to P388 million, the company said.
