GT Capital posts lower H1 net income due to COVID-19, sees Toyota car sales recovery

ABS-CBN News

Posted at Aug 17 2020 10:36 AM

MANILA - GT Capital Holdings Inc said Monday its core net income dropped in the first half due to uncertainties brought by the COVID-19 pandemic. 

Its net income from January to June reached P3.2 billion, down from P7.1 billion during the same period last year, GT Capital said in a disclosure to the stock exchange.

GT Capital said it was practicing fiscal discipline resulting in a strong and stable balance sheet, adequate liquidity and access to credit facilities in case needed. 

"Our Group’s solid core businesses make us well-positioned to ride out the impact of this pandemic,” GT Capital president Carmelo Maria Luza Bautista said.

Metrobank's loan provisions for potential risks reached P22.8 billion, resulting in decline in net income by 30 percent to P9.1 billion from P13 billion "as a result of proactive measures to secure the bank from further economic slowdown that may result from the continuing COVID-19," it said.

Toyota Motor's consolidated net income reached P1.034 billion from P4.427 billion in the same comparable period, GT Capital said. All 71 outlets reopened in June after suspending operations due to the lockdown. 

Sales volume reached 7,485 in June from a low of 36 units sold in April, it said.

“As the government takes steps to reopen the economy, the automotive sector is showing signs of a gradual recovery," GT Capital Auto Dealership Holdings (GTCAD) chairman Vince S. Socco said.

Smaller and more affordable cars are more popular among those seeking alternate transport solutions, Socco said.

The group has since donated some P217.2 million to support the fight against COVID-19, it said.