George Ty-led GT Capital posts higher profit; to raise P9-B debt
MANILA, Philippines - GT Capital Holdings Inc., led by banking taipan George Ty, reported Thursday, November 8, its earnings soared 107% in the first 9 months of 2012, on revenues from its power generation unit and one-time gains booked by its property development arm.
The holding firm's consolidated net income in January to September amounted to P5.3 billion, it said in a statement to the Philippine Stock Exchange.
It said revenues skyrocketed by 211% to P16.7 billion, and these came from "the expansion of component core businesses, consolidation of Global Business Power Corp., and a non-recurring gain of P1.4 billion realized by Federal Land Inc. during the first 6 months."
"GT Capital's expanding consumer-based businesses and increased direct ownership in its component companies enable it to further enhance shareholder value," GT Capital President Carmelo Maria Luza Bautista said.
GT Capital has 5 subsidiaries, namely Federal Land, Global Business Power, Toyota Motor Philippines Corp., Metropolitan Bank and Trust Co., and Philippine AXA Life Insurance Corp.
In a separate statement, GT Capital said it will borrow up to P9-billion long-term debt for general purposes.
"GT Capital has decided to tap the domestic debt capital markets in order to access the current record low interest rates and to optimize the company's under-leveraged position," GT Capital Senior Vice President and Chief Finance Officer Francis Suarez said. - Rappler.com