FILINVEST Development Corp. (FDC) said net income in the first half climbed 28 percent to P4.4 billion on the back of the gains from its banking, property and hotels units.
In a disclosure to the Philippine Stock Exchange, FDC said profits were buoyed by the robust results in its banking subsidiary, EastWest Bank, which posted net income of P1.6 billion, 55 percent higher than the P1 billion it registered in the same period last year.
Property and hotel subsidiaries Filinvest Land Inc. (FLI), Filinvest Alabang Inc. and FDC Hotels also contributed to the positive results.
First-half revenues grew 17 percent to P29 billion. Banking contributed bulk or 40 percent of total earnings, real estate 38 percent share, power 11 percent, sugar 9 percent, and hotel 2 percent businesses.
“We are starting to see the early fruits of our investments growing the branch-store network,” FDC chairman Jonathan T. Gotianun said.
FDC is owned and operated by the Gotianun family, which has interests in power generation (FDC Utilities), property (Filinvest Land Inc. and Filinvest Alabang), banking (EastWest Banking Corp.), mall, theater and resort hotel (Filarchipelago Hospitality Inc. and Filinvest Hotels Corp.) and sugar farming and milling (Pacific Sugar Holdings Corp.).