Filinvest H1 income up 66%
Gotianun family-led Filinvest Development Corp. (FDC) chalked up a first semester net profit attributable to equity holders of parent firm amounting to P5.43 billion, 66 percent higher year-on-year, driven by higher earnings from its property business.
Including earnings attributable to noncontrolling interest, FDC’s six-month net profit rose by 45 percent year-on-year to P7.2 billion.
For the second quarter alone, FDC’s attributable net profit doubled to P3.47 billion from the same period last year.
About 44 percent of group-wide revenues was contributed by the property business, which includes both the real estate and hotel groups. Banking contributed 38 percent while power and sugar contributed 11 percent and 6 percent, respectively.
Real estate subsidiary Filinvest Land Inc. reported first half net income of P2.9 billion, 9 percent higher than the same period last year, on the back of a 6-percent increase in total revenues. The growth was driven by a major expansion in rental properties and continued strong demand for its retail and office space.
Banking subsidiary East West posted a net income of P2.2 billion in the first half, a decline of 11 percent due to lower-than-expected results from EastWest Rural Bank (EWRB). Excluding the rural bank business, EastWest’s net income increased by 12 percent year-on-year.
“The bank continues to be strong in the consumer segment where it has the third largest car loan portfolio and the fifth largest credit card portfolio,” FDC chair Jonathan Gotianun said.
Meanwhile, FDC Utilities Inc. (FDCUI), FDC’s power subsidiary, reported higher demand from customers of its 405-megawatt clean coal power plant in Misamis Oriental. This power asset reported a 33-percent year-on-year growth in regular energy sales to Mindanao distribution utilities.
Higher hotel revenues were also reported as a result of improved occupancy rates across all hotel properties as well as increased revenues from Mimosa Golf Clark. Under FDC subsidiary Filinvest Hospitality Corp. (FHC), the group has four properties in its portfolio. —DORIS DUMLAO-ABADILLA
