Filinvest to start operating Mindanao power plant

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Gotianun-led Filinvest Development Corp. on Friday said it will soon start its 405-megawatt (MW) coal plant to deliver much needed power in Mindanao.

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In a disclosure to the Philippines Stock Exchange, the company said it will begin commissioning the first unit of power plant in Misamis Oriental. The two other 135- MW units will start producing in subsequent quarters of the year.

“We are excited this year as we expect to start commissioning the first unit of our 3 x 135 MW coal plant in Misamis Oriental in the second quarter of 2016, while the remaining two units will follow within the year,” Josephine Gotianun-Yap, FDC president and chief executive officer said.

Last year, the conglomerate grew its net profit by 13 percent to P7 billion, mainly driven by the strong performance of the real estate and power businesses.

Revenue rose by 28 percent to P49.3 billion, partly from electricity sales of subsidiary FDC Utilities Inc. (FCDUI) and largely from real estate operations.

FDCUI realized the first significant revenue stream in 2015, with sales coming from independent power producer administrator contracts with Unified Leyte Geothermal Plant and Apo Geothermal Power Plant.

The bulk of revenue was contributed by the real estate business, accounting for 43 percent, followed by financial services and banking (37 percent). Power generation accounted for 13 percent.

The sugar business contributed 5 percent of revenue, and 2 percent came from hotel operations.

Property arm Filinvest Land Inc. (FLI) earlier reported an 11 percent rise in 2015 net profit to P5.1 billion. Filinvest Alabang Inc., generated P1.9 billion in revenue.

Banking arm East West Bank closed 2015 with a net profit of P2 billion, flat from the level seen in 2014.

The company has been focused on amplifying its portfolio in growth areas of the economy and the last three years have been a period for major investments.

Such projects include adding more branch-stores to EastWest, which grew from 265 in 2011 to 433 as of end-2015.

The increase in gross leasable area at FLI, doubling from 2009 levels, and the upcoming commissioning of all three 135 MW units of FDCUI.

“These investing activities are all reasons why the net income, albeit growing steadily, has not kept pace with the increase in revenues. Full year revenues from these investments will be felt in the succeeding years,” the top executive said.

While delivering positive earnings results, FDC maintained its resilient financial position, closing 2015 with total assets of P419.5 billion, up 22 percent from 2014.

Stockholders’ equity was at P97.1 billion, up 8 percent.

The firm announced a cash dividend of 5.16 centavos per share, for a total payout of P418 million, equivalent to 11 percent.

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