Filinvest Development income up 36% on strong growth of units

MANILA, Philippines — Gotianun-led Filinvest Development Corp. (FDC) booked a 36-percent increase in first-quarter profits to P2.9 billion on higher contributions from its banking, power, and property units despite higher costs.

The holding firm on Wednesday said banking and financial services under EastWest Bank accounted for 36 percent of the bottom line in the January to March period, followed by power subsidiary FDC Utilities Inc. (FDCUI) at 29 percent.

Filinvest Land Inc. (FLI), Filinvest Alabang Inc. (FAI), and Filinvest Hospitality Corp. (FHC) contributed a combined 21 percent, while the remaining 14 percent came from other businesses.

In its stock exchange filing, FDC said revenues also climbed by 28 percent to P26.4 billion. Costs and expenses rose by a quarter to P21.6 billion.

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“We are pleased with the strong financial results during the first quarter,” FDC president and CEO Rhoda Huang said in a statement. “We will push to maintain the momentum as we strive toward the fulfillment of our long-term goal of sustained growth in earnings.”

EastWest Bank’s earnings during the quarter inched up by 6 percent to P1.2 billion on higher consumer lending, which accounted for 81 percent of its total loan book.

Higher energy sales volume and increased operational plant efficiency boosted the earnings of FDCUI by 65 percent to P1 billion.

The real estate segment under FLI and FAI booked a 17-percent growth in profits to P704 million as residential sales increased. —MEG J. ADONIS