Listed GT Capital Holdings Inc. on Monday said its consolidated income dropped 68 percent to P6.5 billion last year from P20.3 billion in 2019 as the lockdown hampered the operations of its businesses. Its consolidated revenues likewise declined by 40 percent to P134.4 billion in 2020 from P222.9 billion a year ago. The net income of Toyota Motor Philippines (TMP) stood at P3.4 billion, lower than the P9.3 billion in 2019. TMP’s consolidated revenues also slumped to P99.8 billion from P168.6 billion in the previous year. GT Capital’s property subsidiary Federal Land Inc., meanwhile, was affected by construction and sales activities restrictions during the quarantine period.

Source: Manila Times March 29, 2021 16:30 UTC