April 01, 2014

GTCAP posts 45% YoY hike in 2013 income

In its filing to the Exchange, GT Capital Holdings Inc (GTCAP) said its net income grew 45% YoY to P12.5b on a 485% YoY hike in core revenues to P99.4b. The strong revenue growth came with its consolidation of Toyota Motor Philippines Corporation, Charter Ping An Insurance Corporation, and Global Business Power Corporation. This was also aided by solid performances of its banking and real estate operations.

Our take: GTCAP’s results got a big boost from the consolidation of TMP which contributed P74.3b or nearly 75% of GTCAP’s core revenues. The results also included about P2b in gains on revaluation of previously held interest. But even netting the latter and the one-off items in GTCAP’s 2012 results, core income would have still grown 60% to P10.5b – WealthSec