SUMMARY
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MANILA, Philippines – The holding firm of tycoon George Ty posted a 97% increase in its 2012 net income to P6.5 billion.
In a disclosure to the Philippine Stock Exchange on Thursday, March 21, GT Capital Holdings Inc. said growth was driven by the consolidation of its power generation business, extraordinary gains, and higher earnings contributions from units.
Minus the extraordinary items, GT Capital’s core net income rose 63% in 2012 from the previous year to P5.4 billion.
“GT Capital continues to be a direct beneficiary of the highly favorable macroeconomic environment. The encouraging full-year results delivered by our 5 component companies have been fuelled by the sustained growth in domestic consumption, coupled with the strong business synergies created within the group,” GT Capital Chariman Arthur Ty said.
GT Capital is engaged in banking (Metropolitan Bank and Trust Co.), automotive manufacturing and distribution (Toyota Motor Phils Corp.), power generation (Global Business Power Corp.), property development (Federal Land Inc.), and life insurance (Phil Axa Life Insurance Corp.). – Rappler.com
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