Filinvest Development Corp. nets P2.77B in Q1 2019

MANILA, Philippines — Gotianun family-led Filinvest Development Corp. (FDC) boosted its attributable first quarter net profit by 61 percent year-on-year to P2.77 billion on higher earnings across its banking, property, power generation, and sugar businesses.

Including earnings attributable to non-controlling interest, FDC’s first quarter net profit amounted to P3.9 billion, up by 50 percent from the same period last year. Excluding one-off expenses in the first quarter of 2018, consolidated net income increased by 37 percent year-on-year.

FDC said in a disclosure on Thursday that group-wide revenues had risen by 22 percent year-on-year to P21 billion, 43 percent of which was contributed by the property business while banking contributed 42 percent. The balance was contributed by its power segment (11 percent) and the sugar group (4 percent).

The property business – composed of the real estate and hospitality segments – contributed more than half of FDC’s bottom line.

On the other hand, banking arm East West Bank grew its first quarter net profit by 36 percent year-on-year to P1.29 billion.

Power subsidiary FDC Utilities Inc. (FDCUI) grew net profit in the first quarter by 166 percent year-on-year to P599 million. FDCUI revenues and other income surged by 26 percent to P2.4 billion.

FDCUI currently operates a 405-megawatt clean coal plant in Misamis Oriental, the largest operating baseload power plant in Mindanao.