GT Capital Holdings Inc. reported that profit in the first nine months of the year, dipped 6 percent to P21.7 billion from P23.1 billion last year.
“Excluding non-recurring gains from lot sales and incentives from the Comprehensive Automotive Resurgence Strategy (CARS) program in 2023, this is an 8 percent increase year-on-year,” the Ty-controlled conglomerate said in a statement.
GT Capital said its performance was supported by the “record setting net income” of operating units —Metropolitan Bank & Trust Company (Metrobank) and Toyota Motor Philippines (TMP) at P35.7 billion and P12.2 billion, respectively.
“GT Capital associate Metro Pacific Investments Corporation (Metro Pacific) also achieved a record high profit of P20.8 billion in the first nine months of this year,” it said.
“We attribute the strong performance of GT Capital in the first nine months of the year to the favourable macroeconomic environment. In particular, the stable GDP, slower inflation, and easing monetary policies during the period drove our core businesses above last year’s record levels. We are hopeful that this momentum will be sustained through the rest of the year, supported by the seasonal holiday spending and overall positive market outlook,” added Carmelo Maria Luza Bautista, GT Capital president.