FDC posts record P13.4-B net profit

Published March 27, 2019, 12:00 AM

by manilabulletin_admin

By James A.  Loyola

Filinvest Development Corporation (FDC), the flagship of the Gotianun family, reported a 31 percent jump in consolidated net income to P13.4 billion last year.

The firm said in a statement that this is primarily due to growth in the property segment as well as due to the power group’s ramped up energy sales from its three 135 MW clean coal power plant.

Gross revenues amounted to P73.3 billion last year, 8.4 percent higher than the P67.6 billion generated in 2017.

The bulk of the group’s gross revenues were generated by the property (43 percent) and banking (41 percent) segments, while power generation operations contributed 13 percent of revenues and the balance of 3 percent came from the sugar business.

“Our investments, not only in power but also in property and bank infrastructure, are now being reflected in our healthy year-end net income,” noted FDC Chairman Jonathan T. Gotianun.

Property income reached P8.8 billion with growth driven mainly by its recurring income portfolio. The group’s rental revenues from Filinvest Land Inc.’s (FLI) office and retail portfolio which grew by 27 percent.

Banking subsidiary EastWest Bank also delivered solid results, ending the year with net income of P4.5 billion while the power segment registered a P2.1 billion net income contribution or 16 percent of the group’s net income.

“The Filinvest group’s entry into airports, hospitality and logistic parks marks the start of a new phase for FDC, as we kick off our involvement in tourism and infrastructure,” said FDC President & CEO Josephine Gotianun-Yap.

She added that, “this adds another layer of diversity to our income mix while also complementing investments in the region.”