GT Capital profit jumps 6 pct in 2014

ABS-CBN News

Posted at Mar 26 2015 12:41 PM | Updated as of Mar 26 2015 08:41 PM

MANILA, Philippines - GT Capital Holdings, owned by the family of George Ty, said its consolidated net income jumped 6 percent to P9.2 billion in 2014, from P8.6 billion in 2013.

The company said core net income went up 38 percent to P9.1 billion in 2014, from P6.6 billion in 2013.

GT Capital said its full-year consolidated revenues reached P143.1 billion, up 35 percent in 2014, due to record sales of Toyota Motor Philippines, improved net fees of Global Business Power Corp. and strong sales of Federal Land.

“GT Capital concluded 2014 with its component companies largely meeting high expectations. This was achieved by leveraging on our core strengths and the strategic partnerships formed with global brands that provide technical expertise. This unique business model allows the group to deliver sustainable healthy results," GT Capital Chairman Francisco C. Sebastian said.

However, Metrobank's consolidated net income slipped 10 percent to P20.1 billion, from the record P22.5 billion profit it posted in the previous year.

On the other hand, Toyota Motor Philippines saw its consolidated net income jump 71 percent to P7.3 billion in 2014, on the back of a 30 percent increase in total revenues to P104.9 billion.

Federal Land's net income from January to December 2014 went up 48 percent to P1.5 billion in 2014.

"Federal Land ended the year positively on all fronts, realizing a 28% and 22% growth in real estate sales and rental income, respectively. This further encourages us to continue building communities and launching new projects that provide high-quality residential, office, and retail-commercial spaces," Federal Land President Alfred V. Ty said.

AXA Philippines reported its total sales in annualized premium equivalent (APE) from January to December increased by 16 percent to P4 billion.

Charter Ping An Insurance Corporation (Charter Ping An) posted a 14 percent jump in gross premium written to P4 billion last year.

Toyota Financial Services Philippines Corporation (TFS) realized a 33 percent increase in interest income on loans and receivables to P2.4 billion in 2014.

Sebastian is confident about the conglomerate's prospects for this year.

"We face 2015 and beyond with renewed confidence in the group’s inherent capabilities, as we continue to bolster organic growth while looking out for new diversification opportunities for our portfolio," he said.