FDC nets P7B

Gotianun-led conglomerate Filinvest Development Corp. grew its net profit last year by 13 percent to P7 billion, driven by growth in the real estate business while its power venture started contributing earnings.

Revenues rose by 28 percent to P49.3 billion, partly due to the initial recognition of electricity sales from power subsidiary FDC Utilities Inc. as well as increased sales from real estate operations.

For FDC Utilities, the first significant revenue stream was recognized in 2015 with the sale of power from its independent power producer administrator contracts with Unified Leyte Geothermal Plant and Apo Geothermal Power Plant.

Bulk of FDC’s revenues was contributed by the real estate business, accounting for 43 percent. Financial services and banking contributed 37 percent while power generation delivered 13 percent of revenues.

The balance came from sugar (5 percent) and hotel (2 percent) operations.