GT Capital Holdings, Inc. earned a net profit of P2.95 billion in 2016’s first three months. Its earnings across several businesses, including banking, power generation, and automotive, increased greatly. In a disclosure to the PSE, the holding firm noted that its bottom line for the first quarter rose by 5% compared to the same period from 2015.
GT Capital President Carmelo Maria Luza Bautista noted that the company also incurred a one-time increase in reinsurance cost. Excluding any nonrecurring reinsurance expense, Bautista also noted that the firm actually saw a 12% year-on-year increase in terms of net income. Their consolidated revenues had risen from 16% overall.
