Auto biz boosts GT’s 9M

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    GT Capital Holdings Inc. posted profits of P15.3 billion in the first nine months of the year, up 40 percent from last year’s P10.9 billion.

    Revenues reached P159.1 billion, up 3 percent from P153.9 billion.

    Higher auto sales from Toyota Motor Philippines (TMP), gains on the redemption of shares from previously held assets, as well as higher contributions from net income of associates Metrobank and Sumisho Motor Finance Corp. all contributed to GT Capital’s solid performance from January to September.

    TMP grew retail vehicle sales by 4 percent to 114,117 units from January to September, from 109,402 units the previous year.

    The lending business under Metropolitan Bank & Trust Co. (Metrobank) saw profit hit P21.6 billion. Third quarter profit stood at P8.5 billion, up 49 percent.

    Federal Land Inc. posted a profit of P1 billion, up 8 percent from P965 million last year.

    Revenues grew 15 percent to P9.2 billion, after excluding P2.7 billion non-core gains.

    Metro Pacific Investments Corp., where GT Capital has stakes, earlier reported profits of P11.8 billion, down 5 percent from last year’s P12.42 billion, due to P695 million nonrecurring foreign exchange losses. Last year, the company reported a forex gain.

    Revenues increased 8.55 percent to P66.6 billion, from P61.35 billion last year.

    AXA Philippines posted profits of P2 billion. Consolidated life and non-life gross premiums reached P23.4 billion, up from P28 billion last year.