By James A. Loyola
Filinvest Development Corporation (FDC), the flagship of the Gotianun family, reported a 50 percent jump in consolidated net income to P3.9 billion in the first quarter of 2019.
In a disclosure to the Philippine Stock Exchange, the firm said attributable net income reached P2.8 billion, posting a growth of 61 percent.
Excluding one-off expenses in the first quarter of 2018, consolidated net income increased by 37 percent.
“The strong performance was on the back of revenue growth of 22 percent, largely composed of contributions from its core businesses in property (43 percent) and banking (42 percent). The balance was contributed by its power segment (11 percent) and the sugar group (4 percent),” said FDC.
FDC said property, composed of the real estate and hospitality segments, continues to be a strong source of growth for the group, contributing more than half of FDC’s bottom line.
Meanwhile, FDC’s banking and financial services subsidiary, East West Banking Corporation (EastWest Bank), delivered net income of P1.3 billion in the first quarter of 2019, 36 percent higher than the same period last year.
“The increase in income is largely due to the resumption of the teachers’ loan program offered by our rural bank subsidiary, improved trading income, and lower credit costs,” said FDC Chairman Jonathan T. Gotianun.
Power subsidiary, FDC Utilities, Inc. (FDCUI), posted a net income growth of 166 percent to P599 million.
Rental revenues from FDC’s listed subsidiary, Filinvest Land, Inc. (FLI) grew by 42 percent. The group is targeting a combined office and retail GLA of 1.7 million square meters by 2023.