The Ty family conglomerate GT Capital Holdings Inc. saw first quarter earnings soften as weaker consumer spending, rising fuel costs and foreign exchange volatility weighed on its automotive and property businesses amid a broader economic slowdown.
Consolidated net income slipped 3 percent to P8.91 billion, while core net income declined 9 percent to P7.96 billion as softer consumer demand offset resilience from banking and infrastructure operations.
The conglomerate said elevated fuel and commodity prices, supply chain disruptions and geopolitical uncertainty continued to pressure economic activity in the quarter.
“The adverse geopolitical and economic conditions resulted in weaker consumer spending in the first quarter. These dampened our results and signal a general slowdown in the near term, as uncertainties persist,” president Carmelo Maria Luza Bautista said.
GT Capital added that its balance sheet remains strong enough to navigate prolonged volatility while continuing to support expansion across its core businesses.
Shares of the conglomerate have been under pressure with losses of about 23 percent since the start of 2026. GTCAP rose 2.22 percent to P460 each on Thursday.
Metrobank and MPIC steady the group
Metropolitan Bank & Trust Co. helped cushion the slowdown after net income rose 3 percent to P12.6 billion, driven by stronger margins, healthy fee income growth and expanding loan demand.
Asset quality also remained healthy, with Metrobank’s bad loan ratio staying below industry levels despite the weaker economic backdrop.
Meanwhile, Metro Pacific Investments (MPIC) posted a 5 percent increase in core net income to P6.9 billion as higher power generation output and healthcare demand offset weaker water contributions.
Power remained MPIC’s largest earnings driver, contributing 62 percent of net operating income during the quarter.
Toyota hit by softer demand
Toyota Motor Philippines reported a 16 percent decline in net income to P5.3 billion as higher fuel costs, foreign exchange pressures and softer vehicle demand weighed on sales.
Vehicle sales fell 6.5 percent to 51,922 units, although the company still outperformed the broader industry decline and maintained a dominant 46.1 percent market share.
Electrified vehicles accounted for 10.6 percent of Toyota’s sales volume during the quarter, rising 40.3 percent from last year as consumers increasingly turned to fuel-efficient alternatives amid volatile fuel prices.
Property and insurance remain resilient
Federal Land posted P3.8 billion in reservation sales despite continued weakness in the property sector, while also expanding deeper into logistics infrastructure through a new UNIQLO distribution hub in Cavite.
AXA Philippines Life and General Insurance meanwhile grew revenues 25 percent to P10.7 billion on stronger life and motor insurance demand.
—Edited by Miguel R. Camus
