GT Capital nets P21.72 B in 9 months

Conglomerate GT Capital Holdings Inc. saw its earnings dip in the nine months ending September on the absence of significant property sales realized by the parent company and Federal Land.

- RICHMOND MERCURIO

GT Capital registered a six percent drop in its net income attributable to equity holders of the parent company in the first three quarters to P21.72 billion from P23.09 billion in the same period last year.

The absence of significant property sales, however, was offset by a 10 percent jump in revenue from automotive operations and an eight-percent growth in equity in net income of associates and joint ventures.

Excluding non-recurring gains from lot sales and incentives from the Comprehensive Automotive Resurgence Strategy program in 2023, GT Capital said its attributable net income is eight percent higher year-on-year.

"We attribute the strong performance of GT Capital in the first nine months of the year to the favorable macroeconomic environment. In particular, the stable GDP, slower inflation and easing monetary policies during the period drove our core businesses above last year's record levels," GT Capital president Carmelo Maria Luza Bautista said.