GT CAPITAL PROFIT UP BY 110% IN Q3 - Marvin Germo

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By: Marvin Germo | November 17, 2019

Q3 Performance

We are almost at the end of the year and excited to see how our favorite companies perform in a year that has passed. For the third quarter, GT Capital Holdings, Inc. has reported an increase in its earnings that is more than double compared to last year. This increase is because of the one-time gain the company got from the redemption of shares in Property Company of Friends, Inc. (PCFI). For those who are currently investing and looking forward to investing in GT Capital, you need to read this third-quarter update.

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110% Increase From Last Year

The conglomerate disclosed that it generated an attributable net income of P7.99 billion from July to September or 110% higher than what it posted last year. The total revenues of the company jumped by 3% or equivalent to P58.58 billion and expenses dove by 1% to P50.92 billion. What’s good about this quarter is that the company was able to redeem the shares in PCFI with a P3.37 billion profit in exchange for property worth P1.8 billion in cash. This helped improve the profit of GT Capital. If the redemption of shares would not be taken into account, the core net income of the company would be 43% higher to P15.33 billion. It’s still a positive performance without the one-time gain from PCFI.

GT Capital By Business Segments

The automotive business segment was able to reach P138.18 billion in the nine-month period or 4% higher if we compare it to the previous year. The growth in this segment came from the 0.4% increase in wholesale volume to 117,597 units. Toyota Motor Philippines Corporation (TMP) had a 4.3% hike in retail sales against the 1.7% growth in the industry. When it comes to its banking segment, Metropolitan Bank & Trust Co. generated an attributable net income of P21.6 billion or a 29% growth compared to last year.

Auto Sales Went Up

It had also been a nice second quarter for GT Capital Holdings, Inc. as it generated an attributable profit that is 15% higher from April to June following higher sales from its auto unit and higher contributions from its associates. The firm disclosed that the net income attributable to the parent stood at P3.92 billion during the second quarter while the revenues saw a 3% growth to P57.26 billion. The company attributed the increase to the increase in revenues from its automotive operations, joint ventures, the income of associates, and other income. If we take a look at its 6-month performance, the net income reached P7.34 billion or 3% higher while the revenues were at P104.27 billion, 3% up as well.

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