GTCAP core net income up 12% in Q1

GT Capital Holdings Inc. (GTCAP) posted double-digit growth in core net income during the first quarter of the year, driven by the higher equity in net income of core businesses.

In a regulatory filing on the local stock exchange, the company said core net income totaled P3.2 billion, up 12 percent from P2.8 billion year-on-year.

Consolidated net income grew by 5 percent to P3.1 billion from P2.9 billion.

"Strong auto sales from Toyota Motor Philippines (TMP) and higher equity in net income of associates Metropolitan Bank and Trust Company (Metrobank), AXA Philippines (AXA) and Metro Pacific Investments Corporation (MPIC) led to GT Capital’s revenue growth," the company said.

GTCAP President Carmelo Maria Luza Bautista said the company is betting the economy to support its momentum.

"The sound fundamentals of the Philippine economy coupled with the dominant strengths of our subsidiaries provide us with a very positive outlook for the rest of the year,” he said. — Jon Viktor Cabuenas/VDS, GMA News