FDC nets P4.4B

GOTIANUN-led Filinvest Development Corp. grew its net profit in the first six months by 28 percent year-on-year to P4.4 billion, driven mostly by the strong performance of its banking unit East West Bank.

EastWest posted a first-semester net income of P1.6 billion for the first semester, 55 percent higher year-on-year on the back of sustained growth in its core business of loans and deposits.

Income from property subsidiaries Filinvest Land Inc. (FLI) Filinvest Alabang Inc. and FDC Hotels grew by 17 percent compared to same period last year.

FDC’s group-wide revenues rose by 17 percent year-on-year to P29 billion. The biggest share of revenues was delivered by its established businesses in banking (40 percent) and real estate (38 percent). The remainder was divided among the power, sugar and hotel businesses which respectively contributed 11 percent, 9 percent and 2 percent, respectively.

For power subsidiary FDC Utilities Inc. (FDCUI), all three units of its 3×135 megawatt clean coal power plant in Misamis Oriental are expected to be connected to the grid by end of third quarter 2016, FDC president Josephine Gotianun-Yap said. These will begin commercial operations by yearend.

“We expect significant growth as well as a change in FDC’s income mix in 2017. FDCUI’s 405-MW plant is now the biggest power plant in Mindanao and will put an end to the energy crisis in the region,” she said.