Filinvest Development posts nearly P4B in 9-month net
The Gotianun family conglomerate Filinvest Development Corp. saw earnings drop in the first nine months of the year but it expressed confidence strong demand would buttress its core businesses despite rising inflation.
Net income from January to September fell over 35 percent to P3.97 billion amid lower banking and property contributions, its latest financial report showed. Revenues during the period rose 6.6 percent to about P51 billion.
The company remained optimistic given improvements from the previous quarter, president and CEO Josephine Gotianun-Yap said in a statement.
“The steady improvement quarter-on-quarter of the bulk of our businesses has been encouraging,” she said.
“We are positive that the strong demand coming from the heightened economic activity can sustain the trajectory despite the high inflationary environment we are all in,” she added.
The real estate business saw profits during the nine-month period fall nearly 30 percent to P2.64 billion due to the impact of income tax provisions while total real estate revenues rose 9.7 percent to P15.1 billion, according to the company’s financial report.
Banking and financial services saw profits fall 41 percent to P2.9 billion as credit provisions jumped 65 percent.
Power and utility operations recorded a 16.3 percent net income growth to P1.68 billion. This was on the back of 11.7 percent increase in gross profits to P3.23 billion.
Banking accounted for 42 percent of Filinvest Development’s income, followed by the property business, composed of the real estate and hospitality segments, which comprised 31 percent of total. The power subsidiary contributed 23 percent of total, while the balance of 4 percent came from other businesses.
Filinvest Development is one of the lead consortium partners in Luzon International Premiere Airport Development, which is the private sector operator of the Clark International Airport in Pampnaga. The company is also the government’s first joint venture partner in the New Clark City project.