GT Capital profit hits P3B

    1760

    GT Capital Holdings Inc. posted a profit of P3.2 billion in the first nine months of the year, down 78.8 percent down from P15.1 billion last year, as revenues dropped 46.26 percent to P85.6 billion from P159.3 billion a year ago.

    “Contributing to this were Metropolitan Bank & Trust Company (Metrobank), with a net income of P11.0 billion, as well as Toyota Motor Philippines (TMP), which realized a net income of P2.2 billion,” the company said.

    Metrobank’s revenues grew 20 percent to P96.3 billion, while TMP booked revenues of P63.3 billion, down 47.85 percent from P121.4 billion last year.

    Realty arm Federal Land Inc. posted a profit of P172 million, down 77.63 percent from P769 million last year. GT Capital’s insurance business, on the other hand, grew profit by 21 percent to P2.3 billion from P1.9 billion a year ago.

    “While the July results showed early signs of recovery, the return to modified enhanced community quarantine in August abruptly reversed the growth momentum. Nevertheless, we continue to push our way back to pre-Covid-19 performance levels, while astutely managing our operating costs across all lines of business,” said Carmelo Maria Luza Bautista, GT Capital president.