Filinvest Land, Incorporation
The Gotianun family’s banking, property and power conglomerate Filinvest Development Corp. (FDC) said on Thursday that net income last year fell 28 percent to P6.1 billion amid mixed results from its various business units.
Revenues were also lower by 13 percent as better residential and power sales were offset by a slowdown in its banking and leasing segments.
FDC president Josephine Gotianun-Yap said most of their businesses have yet to reach prepandemic volumes, but she was optimistic recovery would accelerate this year.
“Now that the economy has opened up and mobility restrictions have been lifted, we are looking forward to regaining lost ground especially in banking, commercial leasing and hospitality,” Gotianun-Yap said in a statement on Thursday.
One-time gains
FDC’s banking arm, East West Banking Corp., contributed P4.3 billion, or 40 percent, of the parent firm’s profits. Real estate and hospitality accounted for 39 percent, power with 19 percent while the remaining 2 percent came from other businesses.
EastWest Bank posted lower earnings last year as loan revenues and trading gains fell during the second year of the pandemic.
The lender’s profit fell 32 percent while revenues also shed 22 percent to P28.8 billion.
Real estate, via Filinvest Land Inc. and Filinvest Alabang Inc., contributed P4.9 billion in earnings, which were down 18 percent.
This was due to the one-time gains in 2020 from a joint development project in Filinvest City in Alabang.
Revenues from the residential segment rose by 14 percent to P12 billion from higher sales and the construction of additional projects.
FLI also raised P12.6 billion through the successful initial public offering of Filinvest REIT Corp. in August 2021.
Power subsidiary FDC Utilities Inc., which operates a 405-megawatt coal power plant in Misamis Oriental, earned P2.1 billion last year or a 6-percent gain from 2020. Revenues were also up 12 percent to P9.4 billion.
FDC Utilities is also expanding its solar energy via a venture with Engie Services, one of the largest power generators and distributors in the world.
FDC Water Utilities Inc., a subsidiary of FDC Utilities, secured a 25-year contract to supply 80 million liters per day in Cebu City, Lapu-Lapu City and Talisay City.
The group’s hotels, via the Crimson and Quest brands, recorded revenues of P1.2 billion, flat from the previous year.