GT Capital Holdings Inc., the conglomerate owned by the Ty family, reported a historic high in profits for the first half of 2023. The company saw a 106% increase in core net income, reaching a total of P16.6 billion. This growth can be attributed to strong performances from its major business units, including Metropolitan Bank & Trust Co., Toyota Motor Philippines, Federal Land, AXA Philippines, and Metro Pacific Investments Corp.
Despite potential threats such as rate hikes, foreign exchange volatility, and a global recession, GT Capital remains optimistic about the domestic economy and its ability to continue growing throughout the rest of the year.
In addition to GT Capital’s success, its subsidiary companies also reported positive results. Metropolitan Bank & Trust Co. experienced a 34% increase in net income, while Toyota Motor Philippines saw a 147% increase in net income and a 25% increase in revenues. Federal Land reported a profit of P1.5 billion, up 101%, and AXA Philippines saw an 18% increase in net income.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
