Filinvest Development’s H1 2023 net income soars 77% to P3.9B

MANILA  -The Gotianun family conglomerate Filinvest Development Corp. (FDC) saw profit growth surge during the first six months of 2023, mainly on strong bank and property earnings.

FDC said net income from January to June this year reached P3.9 billion, up 77 percent, while revenues climbed 29 percent to P42.5 billion.

“We are very encouraged by the continued recovery of our businesses. We look forward to sustaining our growth momentum for the balance of the year,” the company’s newly appointed president and CEO Rhoda “Chiqui” A. Huang said in a statement on Tuesday.

“We are working to make the businesses and the entire organization even stronger under the leadership of newly appointed executives in the business units and FDC, the parent company,” Huang added.

The family’s East West Banking Corp. said net income during the first semester soared 117 percent to P3.3 billion as net interest income amounted to P13 billion, up 18 percent.

Filinvest Land’s net income during the same period rose 15 percent to P1.4 billion. Total revenues were up 8 percent to nearly P10 billion. Mall revenues grew 64 percent to P1.15 billion while residential sales were up 4 percent to P6.1 billion.

“We are pleased that our efforts led to satisfactory results as we continued to sustain our sales and marketing activities. We remain focused on meeting our customers’ needs as we target to further grow our business this year, with further residential launches planned in the second half,” Filinvest Land CEO Tristan Las Marias said in a separate statement on Tuesday.

Meanwhile, the power business grew profits by 4 percent during the period. This was mainly due to the “significant increase in the cost of sales which was primarily fuel prices”.

FDC  said another bright spot was its hospitality segment, whose net income soared by 84 percent while revenues also increased by 60 percent.

The company said this was due to “higher occupancy rates and average room rates across hotel properties as travel and tourism, mostly domestic, started recovering as travel restrictions imposed during the pandemic were lifted”.

FDC earlier allotted P35 billion in capital expenditures for the year to grow its various business segments.