Now Reading
GT Capital readies $200M in search for new business
Dark Light

GT Capital readies $200M in search for new business

Avatar

GT Capital Holdings Inc. is looking to spend up to $200 million this year to invest in a new category and expand its portfolio after seeing strong performance from its core businesses last year.

George Uy-Tioco Jr., GT Capital chief financial officer, told reporters in a recent interview that they were in “active discussions” regarding potential opportunities, although they had not yet identified a specific sector to bring into the business.

“We just have to sift through all of them and decide which makes sense,” Uy-Tioco said.

“We’re in investment mode, and we are in the process of looking for sectors and businesses that we can invest in to expand our portfolio,” he added.

Depending on priorities

The CFO also pointed out they historically spend as much as $200 million on new investments, but their capital outlays for the year would also depend on the priorities of GT Capital’s subsidiaries.

The Ty family-led conglomerate currently has interests in banking (Metropolitan Bank and Trust Co.), automotive (Toyota Motor Philippines), real estate (Federal Land Inc.) and life and general insurance (AXA Philippines).

It also has a 20-percent stake in Pangilinan-led Metro Pacific Investments Corp. (MPIC).

Last year, a steep decline in the profit of Federal Land offset the gains in GT Capital’s core businesses. This resulted in a 1.71-percent dip in its earnings to P28.8 billion.

Federal Land’s profits fell by 64 percent to P750 million despite launching new projects, reflecting the industry’s overall weakness.

See Also

Metrobank grew its net income by 14 percent to an all-time high of P48.1 billion due to asset expansion.

Net interest income at the country’s fourth-largest bank was up by 8.7 percent to P114.1 billion on a 17-percent increase in gross loans.

At the same time, automotive giant Toyota’s bottom line reached a record P15.9 billion, up by 15.3 percent, driven by growth in retail sales volume.

Gains in its power and water units lifted the net income of MPIC by 21 percent to P23.6 billion, also a historic high.

Have problems with your subscription? Contact us via
Email: plus@inquirer.com.ph, subscription@inquirer.com.ph
Landine: (02) 8896-6000
SMS/Viber: 0908-8966000, 0919-0838000

© The Philippine Daily Inquirer, Inc.
All Rights Reserved.

Scroll To Top