GT Capital profit rises 7%
GT Capital Holdings Inc. said it grew its profit by 7 percent to P7.11 billion from P6.64 billion last year.
Core profit also expanded by 7 percent to P7.06 billion from P6.56 billion.
“This was driven by the record performance of Metropolitan Bank & Trust Company (Metrobank), the net income of which is at P12 billion, Toyota Motor Philippines (TMP), which realized a net income of P4 billion, and AXA Philippines Life and General Insurance Corp.n (AXA Philippines) with a net income of P728 million,” the conglomerate said.
Federal Land, Inc. recorded a net income of P291 million, while associate Metro Pacific Investments Corp. also contributed to GT Capital’s robust performance during the period.
Carmelo Maria Luza Bautista, GT Capital president, said the growth is within expectation.
“We are encouraged by the quality and persistency of our core earnings growth on top of the prior year’s historical high levels. These demonstrate the strength in the underlying fundamentals of GT Capital and the resiliency of the domestic economy. We thus remain confident that our group will be able to sustain its early gains through the rest of this year,” he said.
Metrobank closed the period with a net interest income of P28.7 billion, up 15.4 percent, with loan growth at 12.1 percent. Non-performing loans (NPLs) ratio meanwhile eased to 1.7 percent from 1.8 percent last year, with NPL cover at 174.1 percent
TMP meanwhile sold 49,667 units for the period, up 10 percent from last year, while keeping market share at 45.1 percent.
Federal Land meanwhile posted profit of P291 million out of revenues of P3 billion.
Metro Pacific delivered a 20 percent increase in contribution from operations to P6.8 billion, mainly driven by strong growth in energy sales at Meralco and billed volumes at Maynilad Water, complemented by higher tariffs. Metro Pacific core profit hit P5.6 billion, up 29 percent.
Axa Philippines booked a consolidated life and general insurance gross premiums of P7.3 billion, up 16 percent from P6.3 billion with profit hitting P728 million, up 3 percent.
Global Ferronickel revenues at P590M
Global Ferronickel Holdings Inc. said profit for the first quarter hit P10.1 million, down 93.1 percent from P153.8 million last year.
Revenues reached P589.9 million.
The nickel miner said mining revenues hit P586.2 million, down 47.4 percent from P1.1 billion last year as it reeled from lower selling prices which more than offset higher sales volumes.
The average realized nickel ore price dropped to $27.42 per wet metric tons (WMT), down 55.4 percent from $61.48 last year amid continued oversupply, mostly comping from Indonesia.
Total shipments reached 0.381 million WMT of medium-grade ores, up 15.3 percent.
“In this uncertain environment, we are focused on boosting productivity and cost efficiency, which is critical to protecting value,” said Dante Bravo, Global Ferronickel president.
“This includes optimizing our operations both in Surigao and Palawan, reviewing service contract rates, and reexamining planned capital investments. We are also working to improve our resilience to weather challenges, ensuring timely completion of projects, including flood control measures to reduce risks to operations and production arising from La Niña,” he added.
Century Properties nets P410M
Century Properties Group Inc. (CPG) said it grew its first quarter profit by 35 percent to P410 million from P303.7 million last year.
Revenues hit P3.6 billion, up 7 percent from P3.3 billion, driven by sustained robust contribution of First-Home Residential Development Platform (PHirst).
PHirst contributed P2.1 billion to the group.
“The affordable residential market’s sentiment for quality homes defied the odds of elevated interest and stubborn inflation rates as shown by our strong first quarter performance. Sales takeup of our PHirst home products remains strong and we see this further improving for the rest of the year. We are bullish on this resilient segment of the industry without losing sight of the niche market for luxury homes,” said Ponciano. Carreon, Jr., Century Properties chief finance officer.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) hit P865 million, up 29 percent from P668 million, as the company posted a “healthy” gross profit margin at 44 percent.
Company balance sheet for the period booked an asset of P54.2 billion, with liabilities at P33.1 billion, and shareholder equity at P21.1 billion.
“Our firm commitment to timely deliver on our ongoing projects and the launching of several residential projects for the year puts us well on track to exceed the group’s prior year’s performance. We take to heart every Filipino’s dream of owning more than just homes and cultivating communities to match their aspired lifestyle,” said Marco Antonio, Century Properties chief executive officer.
