May 14, 2013

GT Capital profit more than triples in Q1

GT Capital said its consolidated net earnings surged to P4 B from P1.3 B a year earlier. Core net income, which excludes non-recurring factors like currency and derivatives-related items, jumped 112% to P2.7 B from a year ago. This was supported by robust revenues, which hit P22.3 B, up 789% from P2.5 B last year due to the increase in GT Capital’s direct ownership of both Global Business Power Corp.

(GBPC) and Toyota Motor Philippines. Metrobank’s consolidated net income picked up 163% to P11.4 B from P4.3 B. For Toyota, the automotive dealer announced a 49% growth in its net income to P1.1 B after it sold 17,061 vehicles in the first quarter, cornering a 35% market share.

Property firm Federal Land’s consolidated income more than doubled to P240 M from P110 M year-on-year, with revenues gaining 56% to P1.7 B. Insurance firm AXA Philippines’ net income nearly doubled to P324 M from P164 M last year on the back of a 71% increase in total premium income to P4.7 B.- WealthSec