GT Capital reports Q1 net income up 211% to P4B

GT Capital Holdings Inc. on Tuesday reported its  first quarter consolidated net income rose 211 percent to P4 billion from P1.3 billion a year earlier, boosted by higher revenues of core companies. Core net income, which excludes extraordinary items, reached P2.7 billion, up 112 percent in the same comparable period as consolidated revenues surged 789 percent to P22.3 billion from P2.5 billion, the investment holding company of the Ty family noted in a disclosure to the Philippine Stock Exchange. "Ever since the consolidation of subsidiaries into the holding firm, GT Capital's net income has become higher," Arlysa Narciso, analyst at AB Capital Securities Inc., told GMA News Online. Revenues were lifted by the significant increases in direct ownership of Global Business Power Corp. and Toyota Motor Philippines Corp., consolidated in May 2012 and February 2013, respectively, while the contributions of net income from Metropolitan Bank and Trust Co. and AXA Life Insurance Corp. further boosted the mother company's bottom line. Manny Cruz, market strategist at  Asiasec Equities Inc. noted in a separate interview, the impact of GT Capital on the market has already been factored in since last week. Umaakyat siya even two days before the announcement of first quarter net income," he said. Shares of GT Capital were trading at P875 apiece as of 10:09 a.m. Tuesday, from P860 Friday. The market was closed Monday for the midterm elections. “The strong performance of GT Capital during the first three months of 2013 indicates that we are on track in achieving our overall objectives for the year, GT Capital chairman Arthur Ty noted in the “We are encouraged with the prospects for further growth given the recent positive economic developments and the continued healthy outlook for the Philippines,” Ty added. — With Danessa Rivera/VS, GMA News