Filinvest Development nets P2.9 B
SCREENGRAB from www.filinvestgroup.com
MANILA, Philippines—Filinvest Development Corp. posted a 9-percent year-on-year drop in first-semester net profit to P2.9 billion due to lower earnings of its banking subsidiary.
East West Bank reported an 18-percent year-on-year decline in first half net profit to P1 billion, tracking the industry-wide slowdown in trading gains as local interest rates started bottoming out.
Group-wide revenues hit P19 billion in the first semester from P18.1 B in the same period last year, about 5 percent higher than the level in the previous years. The bulk of its revenues came from the real estate and banking businesses, representing 45 percent and 41 percent, respectively.
Sugar accounted for 11 percent while hotels contributed 3 percent of revenues, FDC reported to the Philippine Stock Exchange on Wednesday.
It was earlier reported that net income at property unit Filinvest Land Inc. had grown by 15 percent year-on-year to P2 billion in the first half as core businesses expanded.
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