MANILA, Philippines - Tycoon George Ty's GT Capital Holdings, Inc. is hoping for a good year due to the 2013 polls as the firm aims to sustain gains from the previous year.
"We're looking forward to 2013 because 2013 being an election year, we anticipate more growth in volume sales because historically, election years always shows growth in terms of volume," Carmelo Bautista, president at GT Capital, told [email protected]
GT Capital booked P3.9 billion in core net income in the nine months to September 2012, a 51% increase from the previous year. Consolidated net income, meanwhle, ballooned 107% to P5.3 billion after consolidated revenues zoomed 211% to P16.7 billion.
"Given the strong performance last year, we're quite comfortable moving into 2013 that that will be sustained," Bautista said.
Bautista said he expects election spending to affect sales in GT Capital's property arm Federal Land, Inc., as well as in Toyota Motor Philippines.
"Indirectly, you see some increase on activitiy on real estate side, as you see more spending in the local government side," he said.
For Toyota, he notes election spending is expected to boost sales as campaigns require more vehicles.
The firm has earmarked P40 billion in capital expenditures this year amid expansions in its property and power businesses, Bautista said.
Aside from Federal Land, Toyota and power firm Global Business Power Corp., GT Capital also has a stake in Metropolitan Bank and Trust Co., and Philippine AXA Life Insurance Corp.