GT Capital 9-month profit flat on weaker car sales
GT Capital Holdings Inc.?s nine-month net income was virtually unchanged from a year ago, largely due to weaker sales of its automotive unit.
The listed investment arm of taipan George S.K. Ty said its profit went up by only one percent to P10.9 billion as revenues declined by five percent.
Automotive operations under Toyota Motors Philippines fell 11 percent to P132.9 billion, driven by 12 percent decline in wholesale volume from 133,261 units to117,080 units.
Real estate sales and interest income on real estate jumped 45 percent P15.7 billion with Federal Land contributing 50 percent of the sales,mostly from its middle market vertical residential condominium projects and lot sales.
Pro-Friends? affordable and economic housing projects and lot sales contributed the remaining balance.
In the third quarter, GT Capital grew its net income by six percent to P3.8 billion largely due to the 134 percent jump in real estate sales.