Filinvest profit up by 12% in ’13

MANILA, Philippines—Filinvest Development Corp. (FDC) grew its net profit last year by 12 percent to P6.5 billion as its banking and property businesses posted double-digit rate of rise.

Group-wide revenues increased by 17 percent to P34.8 billion, driven by its real estate operations—largely composed of subsidiaries Filinvest Land Inc. (FLI) and Filinvest Alabang Inc.—as well as its financial and banking services offered by subsidiary EastWest Bank.

In all, real estate and financial services contributed 89 percent to the group’s total revenue, accounting for 47 percent and 42 percent, respectively. Sugar operations contributed 8 percent, while hotel operations accounted for 3 percent of total revenues.

“We look forward to improved performance in the group not only because of the strength of our real estate and banking businesses, but also because we are optimistic about the prospects of our other operations,” FDC president and chief executive officer Josephine Gotianun-Yap said in a statement. “Construction of our 405-megawatt power plant in Mindanao is in full swing and expected to be the third major leg of the group by 2016. The FDC strategy is to employ our business experience and strength to nurture these nascent operations to help them become full contributors to the group.”