Filinvest’s net profit grew by 26% to P2.38B in first semester

MANILA, Philippines — Gotianun-led Filinvest Development Corp. (FDC) grew its first semester net profit by 26 percent year-on-year to P2.38 billion on higher earnings from its property and banking businesses.

In a disclosure to the Philippine Stock Exchange on Monday, FDC said the group’s cash flow as measured by earnings before interest, taxes, depreciation and amortization (EBIDTA) had grown by 33 percent to P3.9 billion for the period.

“The increase can be attributed mainly from higher revenues and effective management of operating costs,” the disclosure said.

Operating expenses including interests increased by only 3 percent while revenues jumped by 21 percent.

Revenues amounted to P10.58 billion versus P8.7 billion in the same period in 2010, of which real estate contributed P5.86 billion while banking had a share of P4.15 billion.