GT Capital Holdings Inc. saw its consolidated net income fall 11 percent to P16.41 billion in the first half from P18.42 billion a year earlier, as weaker automotive demand weighed on the conglomerate’s earnings.

The company said Friday that Toyota Motor Philippines Corp. recorded P8.4 billion in net income, while revenues declined 15 percent to P115.4 billion as higher global oil prices dampened vehicle demand. 

The automaker, however, posted a 3.2 percent month-on-month increase in sales in June, signaling early signs of a recovery.

“GT Capital’s first half results reflect the impact of a slower macroeconomic environment. Nevertheless, we will approach the second half of the year with a continued focus on disciplined execution of our strategic priorities. 

This is supported by the stability of our investment portfolio and the strength of our balance sheet,” GT Capital President Carmelo Maria Luza Bautista said.

Notably, GT Capital’s other businesses helped cushion the weakness in automotive operations. Metropolitan Bank & Trust Co. posted a net income of P24.9 billion, while Metro Pacific Investments Corp. reported core net income of P16 billion, up 6 percent year on year.

Metrobank’s net interest income rose 12.8 percent to P67.7 billion, while gross loans expanded 12.4 percent. Its non-performing loan ratio stood at 1.8 percent, although the bank raised provisions by 26.8 percent amid weaker macroeconomic conditions.

“The operating environment in the first half required us to stay disciplined and focused. Our results reflect the strength of Metrobank’s core businesses, the continued trust of our clients, and our prudent approach to balancing growth and risk. We will continue to support our clients while pursuing sustainability,” said Metrobank President Fabian Dee.

Toyota retained a 49.3 percent share of the Philippine automotive market. Electrified vehicles accounted for 11.1 percent of its first-half sales, with sales in the segment increasing 23.3 percent year on year.

Elsewhere, AXA Philippines recorded a 31 percent increase in gross premiums to P21.8 billion, while Federal Land completed 866 residential units and turned over 723 units during the period.

Japan Credit Rating Agency assigned GT Capital a foreign currency long-term issuer rating of “A-” with a stable outlook.