GT Capital‘s income advanced by 52% to P6.6b in first quarter

By Jenni er B. Austria CONGLOMERATE

GT Capital Holdings Inc.’s attributable net income grew 52 percent in the first quarter to P6.6 billion from the same period last year as core automotive, banking and insurance businesses delivered strong results.

First-quarter consolidated revenues climbed 26 percent in the first three months to P69.8 billion from P55.3 billion a year ago, the company said in a disclosure to the stock exchange Tuesday.

“Our first-quarter financial results show all our operating companies sustaining the high growth momentum of the previous year. With expectations of a more stable macroeconomic environment, less value chain disruptions and resurgent consumption, our outlook remains positive for the rest of the year,” GT Capital president Carmelo Maria Luza Bautista said.

Banking unit Metropolitan Bank & Trust Company delivered first-quarter profit of P10.5 billion, as net interest income surged 28.8 percent to P24.9 billion.

Automotive arm Toyota Motor Philippines posted a net income of P4.5 billion, more than double the P2.1 billion it attained in the first quarter of 2022, driven by higher vehicle sales.

TMP’s consolidated revenues surged 28 percent to P53.7 billion in the first quarter as it rolled out 45,205 vehicles, up by 21 percent from 37,230 units sold in the same period last year.

Property subsidiary Federal Land Inc. booked a net income of P286 million, down 8 percent from a year ago. Real estate revenues went down by 53 percent to P860.6 million from P1.8 billion, but reservation sales went up by 71 percent year-onyear to P6.2 billion, driven by sales from newlylaunched residential projects.

Insurance firm AXA Philippines posted a consolidated net income of P708 million, up 66 percent from P426 million a year earlier, arising from improved premium margins and net investment income.

Monde Nissin bullish on alternative meat

FOOD manufacturer Monde Nissin Corp. said its alternative meat business in United Kingdom has the potential to grow by 7 percent to 12 percent once the high inflation environment improves.

Monde Nissin chief executive Henry Seosanto said in a virtual news briefing the 7-percent to 12-percent growth trend was based on the 30-year historical data.

“Today, the market is flat because of the macro-economy, but once this improves, the trend is still there since animal protein cannot supply population growth,” Soesanto said.

Monde Nissin chief financial officer Jesse Teo said the group’s earnings are expected to start showing year-on-year gain in the second quarter, followed by “solid” improvement in the third quarter as commodity prices start to go down and with the expiration of expensive hedging contracts of flour and palm oil.

“We are turning the corner especially for Asia Pacific branded food and beverage business which is showing very strong turnaround,” Teo said. Jenniffer B. Austria

Grab PH ready to refund

P6.6 million to users Friday

GRAB Philippines said it is ready to implement the reimbursement of P6.6 million to its users as early as Friday after the Philippine Competition Commission issued a resolution directing the transport company to complete reimbursements totaling P25.4 million.

Grab Philippines director for public affairs Atty. Sherielysse Bonifacio said in an interview with reporters that the company is “working on the implementation and will be ready to implement as early as Friday,” beginning with the publication requirement of the PCC.

Bonifacio said the company welcomed the release of the PCC resolution as it had long sought to comply with the agency’s directives to refund Grab users for trips they took between 2018 and 2019.

The PCC slapped a fresh P9-million fine on Grab Philippines amid its failure to fully refund its customers more than three years after the PCC ordered the reimbursement.

Prior to the release of the resolution, Bonifacio said Grab had been in constant communication with the PCC and had filed several motions requesting the PCC for guidance as to how to return the remaining P6.66 million to users. Darwin Amojelar

First Gen’s unit submits highest bid of $526m for 165-MW Casecnan hydroelectric power plant

FRESH River Lakes Corp. of First Gen Corp. on Tuesday submitted the highest offer of $526 million for the 165-megawatt Casecnan hydroelectric power plant in Nueva Ecija province, sources said Tuesday. Sources said Fresh River bested the other offers of the Yuchengco-owned EEI Power Corp. in partnership with Soosan ENS CO. LTD., Soosan Industries Co. Ltd. and Mapalad Power Corp. at $298.899 million and of SN Aboitiz Power Corp.’s Nepture Hydro Inc. at $258 million during the bidding on Tuesday.

Power Sector Assets and Liabilities Management Corp. set the minimum bid price for the sale of CHEPP at $227,272,727.28 upon the recommendation of the Privatization Bids and Awards Committee.

The other interested bidders for CHEPP were Semirara Mining and Power Corp., Global Hydro Power Corp. of Global Business Power Corp., Panasia Energy Inc., GigaAce 11 Inc. of ACEN Corp. and Romero-owned Belgrove Power Corp. PSALM scheduled the post-qualification of the highest-ranking bidder on May 17 to May 23. The issuance of the notice of award to the winning bidder is scheduled on May 26.

It is expected to use the proceeds from the CHEPP privatization to reduce its outstanding financial obligations. Alena Mae S. Flores