GT Capital’s Q1 profit falls 26% due to COVID-19

Ty family-led GT Capital Holdings reported a 26 percent year-on-year drop in first quarter net profit to P2.54 billion due to the impact of the COVID-19 pandemic.

While earnings from automotive, banking, infrastructure, and insurance businesses slowed down, property development business under Federal Land and financing business under Sumisho Motor Finance Corp. contributed higher earnings.

GT Capital’s core net income attributable to equity holders of the parent company declined by 15 percent year-on-year to P2.84 billion in the first quarter, excluding non-recurring items.

The banking arm Metrobank reported a 9% decline in net income due to increased provisions for potential loan losses, while automotive unit Toyota Motor Philippines saw a 20% drop in net income from reduced vehicle sales.