Filinvest 6-month net up 15%

Gotianun family-led conglomerate Filinvest Development Corp. (FDC) booked a 15-percent year-on-year growth in its first semester net profit to P5.1 billion on higher earnings from its property and banking businesses.

Group-wide revenue rose by 12 percent year-on-year to P32.5 billion, with the banking and property units contributing the bulk with shares of 42 percent and 38 percent, respectively. The power and sugar businesses contributed 15 percent and 5 percent, respectively, FDC said in a regulatory filing.

EastWest Bank grew its six-month net profit by 60 percent year-on-year to P2.5 billion on higher earnings from core lending. The bank grew its loan book by 19 percent to P212 billion, led by the 34 percent growth in consumer loans.

The expansion in EastWest’s earning assets was partially funded by the 24 percent growth in deposits. It continued to maintain its industry-leading net interest margin (NIM) of 7.8 percent while NIM, net of provisions for loan losses, stood at 6.1 percent.

Property arm Filinvest Land Inc. booked a six-month net income of P2.7 billion, up 8 percent from a year ago on the back of a 9-percent increase in revenue to P10 billion.

The power generation business’ revenue grew by 55.3 percent to P3.2 billion in the first semester as FDC Misamis coal plant commenced operations in the last quarter of 2016.

Operating expenses hit P1.94 billion, five times higher year-on-year as the plant started booking depreciation and interest expense costs.

Its sugar business reported a six-month revenue of P1.55 billion, down 38.9 percent year-on-year.—DORIS DUMLAO-ABADILLA