Conglomerates GT Capital and Filinvest Development Corp. on Tuesday reported mixed first-half financial results.
GT Capital Holdings Inc. said in a disclosure to the stock exchange consolidated net income rose 143 percent in the first six months to P6.7 billion from P2.7 billion in the same period last year.
The company said despite the significant increase in profit, the first-half performance was still below the pre-pandemic level.
It said the positive first-half results were driven by Metropolitan Bank & Trust Co., whose net income reached P11.7 billion and Toyota Motor Philippines Corp., which realized a profit of P3.5 billion.
Stronger real estate sales from property unit Federal Land Inc. and a higher net income contribution from associate Metro Pacific Investments Corp. also contributed to GT Capital’s positive performance in the first half.
“GT Capital delivered strong results in the first half of 2021, which are approximately 80 percent of 2019 pre-COVID levels. Amidst challenging conditions, the group’s first half performance demonstrates our inherent capacity to bounce back from the historic low levels of the past year, and in certain sectors, even optimize competitive strengths by gaining market share,” said GT Capital president Carmelo Maria Luza Bautista.
Meanwhile, FDC, the listed holding company of the Gotianun family, reported a net income of P4.2 billion in the first semester, down 41.6 percent from P7.2 billion a year ago. The lower net income was largely due the lower contribution from banking, property and power generation businesses.
FDC said banking accounted for more than half or 55 percent of FDC’s bottom line, delivering a net income contribution of P3.7 billion to the group.
This was followed by the property business, composed of the real estate and hospitality segments, which posted a combined P1.7 billion, or 26 percent of the total.
The power subsidiary contributed P971 million in net income or 15 percent of the total, while the balance of 4 percent came from other business.
“The market conditions remain to be challenging but our businesses continue to persist and progress amidst the volatility. We were already seeing an uptrend in our operations just before the enhanced community quarantine that is currently enforced in the National Capital Region and nearby provinces was announced,” FDC president and chief executive Josephine Gotianun-Yap said.
“We are hopeful that this is a headwind and that when the current restrictions are lifted, we can regain the recovery momentum as more and more Filipinos are vaccinated,” she said.