GT Capital net income up 60 percent in Q1 as Metrobank, Toyota surge

ABS-CBN News

Posted at May 18 2021 09:58 AM

MANILA - GT Capital Holdings said it booked a net income of P4.1 billion in the first quarter, up 60 percent from P2.5 billion in the same period of last year. 

The conglomerate also said its core net income hit P3.4 billion during the period, representing a 19 percent increase from P2.8 billion during the same period last year. 

GT said solid performances from Metrobank and Toyota Motor Philippines helped boost profits. Metrobank’s net income surged 27 percent year-on-year to P7.8 billion, while Toyota’s consolidated net income surged 39 percent to P2 billion during the period. 

The gains by its banking and vehicle units helped offset the 26 percent decline in the net income of Metro Pacific Investments Corporation. 

GT said mobility restrictions reduced toll road traffic, light rail services, and commercial and industrial demand for water and power, which are some of MPIC’s businesses.

Despite the recent surge in COVID-19 cases and the reimposition of lockdowns, GT said it remains optimistic for the rest of the year. 

“We look forward to the escalated vaccine deliveries by the second half, the faster inoculation of the general public, and the re-opening of more sectors of the economy,” said GT Capital president Carmelo Maria Luza Bautista.

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