MANILA, Philippines - GT Capital Holdings, the investment holding firm of the Ty family, reported a consolidated net income of P4 billion in the first half, 136% higher than a year ago.
The increase in GT Capital's profit was attributed to the P1.4 billion one-time gain booked by its property unit Federal Land.
GT Capital's core net income jumped 51% to P2.6 billion in the January to June period, from P1.7 billion during the same period last year.
Consolidated revenues for the first half rose 188% to P10 billion from P3.5 billion a year ago, as a result of more profit contributions from its associates and the consolidation of Global Business Power Corp.
"The Philippine economy sustained its positive performance during the first half of the year. The favorable macro environment, together with specific positive developments in their respective industries, aided the component comapnies of GTCAP in delivering encouraging results for the period. Looking forward, we remain confident that we are on track in meeting our full-year objectives," GTCAP chairman Arthur V. Ty said, in a statement.
GT Capital's component companies include Federal Land, GBPC, Toyota Motor Philippines Corp., Metropolitan Bank and Trust Company and Philippine AXA Life Insurance Corp.
Federal Land posted a consolidated net income of P1.7 billion in the first half, surging 770% from the P201 million a year ago. Fed Land president Alfred V. Ty said the company's mid-market residential condominium projects saw sustained brisk sales during the period.
GBPC's first half net income grew by 134% to P1.3 billion, driven by the full year operations of its coal-fired plants in Cebu and Panay and its participation in the wholesale electricity spot market.
Toyota Motor Philippines reported a 35% increase in net income of P1.5 billion, as the market embraced new vehicle models.
Metrobank posted a consolidated net income of P7.4 billion in the 6 month period, 21% higher than a year ago, as a result of the healthy growth in core revenues and rationalization of operating expenses.
However, AXA Life reported a 10% decline in its net income to P321 million in the first half, from P358 million a year ago. A 183% jump in regular premium linked sales resulted in the corresponding front-loading of legal policy reserves, commission and bonus expenses.