Ty-led group nets P2.6B

Friday, August 17, 2012
A CONGLOMERATE with stakes in the banking, hotel, power and real estate industries in Cebu declared P2.6 billion as its core net income for the first six months of 2012.
This represented a 51 percent increase in its core net income compared to the same period last year, the Ty family’s GT Capital Holdings, Inc. said in a disclosure filed this week with the Philippine Stock Exchange.

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With non-core earnings factored in, the conglomerate’s consolidated net income went up by 136 percent to P4 billion year-on-year, it said.
GT Capital completed its initial public offering last April. “To date, portions of the P13.9-billion net listing proceeds have been utilized for consolidation of component companies and for other general corporate purposes,” the disclosure said.
The conglomerate’s component companies include the Metropolitan Bank and Trust Co., Toyota Motor Philippines Corp., Global Business Power Corp., and Federal Land.
Federal Land is developing the high-rise Marco Polo Residences in Nivel Hills, Cebu City, near the Marco Polo Plaza hotel. It reported P1.7 billion in consolidated net income from January to June 2012, including a P1.4-billion non-recurring gain. Core earnings went up by 48 percent.
For its part, Global Business Power Corp. grew its income in the first half of the year by 134 percent, from P575 million to P1.3 billion.
“Drivers of the growth included the full-year operations of its coal-fired plants in Cebu and Panay, complemented by the company’s participation in the Wholesale Electricity Spot Market,” the company disclosed.
Marketing initiatives and an increase in volume, it said, were behind the 35 percent increase in the net income of Toyota Motors Philippines, pegged at P1.5 billion this year from P1.1 billion last year. “The volume sales increase of 17 percent outpaced the total industry, which grew by seven percent,” GT Capital pointed out.
Metrobank reported P7.4 billion in consolidated net income from January to June 2012, about 21 percent higher than the figures from the same months last year. The bank’s capital adequacy ratio improved to 18.5 percent, well above the BSP’s requirement of 10 percent.
“The Philippine economy sustained its positive performance during the first hal. The favorable macro environment, together with the specific positive developments in their respective industries, aided the component companies of GT Capital in delivering encouraging results for the period,” said GTCAP Chairman Arthur V. Ty. “Looking forward, we remain confident that we are on track in meeting our full-year objectives.” To learn about Federal Land Project in Cebu, contact at +639173236123.

Published in the Sun.Star Cebu newspaper on August 18, 2012.