GT Capital's 2024 earnings dip due to real estate losses

GT Capital Holdings Inc. announced stable earnings in 2024, reporting a net income of P28.8 billion. This figure represents a slight decrease of 1.71 percent compared to the previous year. The decline was mainly due to lower profits from its real estate division. The company's banking and automotive sectors showed stronger performance. Core earnings, which exclude one-time gains, increased by 11 percent. This growth was led by Metropolitan Bank and Trust Co. and Toyota Motor Philippines, both of which achieved record earnings. Carmelo Maria Luza Bautista, the president of GT Capital, expressed optimism about sustaining growth in their core businesses. However, challenges in the market affected the performance of Federal Land Inc., which contributed to the overall dip in net income.