GT Capital's core net income grows 51% in 9-months
MANILA, Philippines - GT Capital Holdings Inc., the investment vehicle of banking tycoon George Ty, is planning to borrow debt of up to P9 billion.
In a disclosure to the stock exchange, GT Capital said it has mandated First Metro Investment Corp. to raise up to P9 billion in long-term debt financing for general corporate purposes. Financial closing is seen by next year.
"GTCAP has decided to tap the domestic debt capital markets in order to access the current record-low interest rates and to optimize the company's under-leveraged position," GTCAP senior vice president and chief finance officer Francis H. Suarez said.
Meanwhile, GT Capital said its core net income grew by 51% to P3.9 billion for the first nine months of the year, from P2.6 billion during the same period last year.
Consolidated net income jumped 107% to P5.3 billion in the January to September period, as consolidated revenues soared 211% to P16.7 billion.
GT Capital attributed the strong revenue growth to the expansion of its core businesses, consolidation of Global Business Power Corp. (GBPC) and a one-time gain of P1.4 billion from Federal Land.
"We are pleased to report that GT Capital's revenue and profit results for the first 9 months of the year are on track. In addition, the company continues to execute successfully its IPO strategies, particularly on the consolidation of its core assets," GTCAP president Carmelo Maria Luza Bautista said, in a statement.
Its banking arm Metrobank reported a 15% jump in consolidated net income to P10.2 billion in the January to September period.
Property firm Federal Land saw its profit surge 474% to P1.9 billion in the 9-month period, as a result of the non-recurring income of P1.4 billion in the first half.
"During the past 9 months of this year, Fed Land sustained its vigorous sales momentum by properly addressing the persistent demand for primary homes through its high-quality, mid-market residential condominium projects," Fed Land president Alfred Ty said.
GBPC also reported a 89% in net income to P2.1 billion during the 9-month period, while Toyota Motor Philippines Corp.'s net income rose by 42% to P2.5 billion.
Philippine AXA Life Insurance Corp. said its total premium revenues hit P8.7 billion during the January to September, 22% higher than the previous year.