Filinvest H1 net income grows 17% to P3.4B

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Filinvest Development Corp. (FDC), the listed conglomerate of the Gotianun family, has recorded a net income of P3.4 billion in the first six months of the year, 17 percent higher than P2.9 billion the same time last year.

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“[The increase in net income] was driven by a marked 32 percent rise in consolidated revenues and other income to P24.8 billion,” the company said in a statement.

According to its quarterly report, FDC’s operating revenue likewise surged by 33 percent to P11.9 billion from P8.9 billion a year earlier on the back of growth in most of its business segments.

The company described its revenue mix as consisting of 39 percent in its real estate segment, 36 percent in banking, 13 percent in power generation, 10 percent in sugar farming and milling, and 2 percent in hotels.

“We are pleased with our first half results, and see this as confirmation of the successful execution of our deliberate strategy to invest in selective growth areas,” FDC Chief Executive Officer Josephine Gotianun-Yap said.

FDC’s property arm Filinvest Land Inc. showed stable performance, increasing consolidated net income by 15 percent to P2.32 billion on a strong boost in office space demand as well as residential sales.

Bank unit EastWest Banking Corp. observed 31 percent dip in first half net income to P407.5 million from P590.87 million a year ago due to lack of one-time gain and higher expenses during the six-month window.

FDC Utilities Inc., the power generation subsidiary of holding firm FDC, saw “significant revenue stream in the first half of the year” on the back of its power projects such as the 40-megawatt (MW) Independent Power Producer Administrator contract, 100-MW Unified Leyte Geothermal Power Plant and another 100 MW with Apo Geothermal Power Plant.

Sugar operations, on the other hand, hiked its net income to P432.5 million from P161 million last year, while hotel operations likewise increased net profits to P84 million from P19.5 million the previous year.

“We look forward to seeing our future development plans come to fruition, most especially our 405 MW coal-fired power plant in Misamis Oriental,” Gotianun-Yap said.

FDC is owned and operated by the Gotianun family, which has interests in power generation (FDC Utilities Inc.), property (Filinvest Land Inc.), 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.).

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