Gotianun family-led Filinvest Development Corporation (FDC) reported a 24 percent growth in attributable net income to P7.2 billion in the first half of 2020, from the P5.8 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated net income was recorded at P9.1 billion, rising by 19 percent.

FDC said the strong net income growth amidst the height of the COVID-19 pandemic community quarantine measures was brought about by higher revenue contributions from its banking and sugar subsidiaries, as well as cost control measures implemented across the group.

While total revenues and other income declined by 4 percent to P40.6 billion and operating expenses increased by 23 percent to P19.5 billion in the first half of 2020, direct costs declined by 33 percent to P11.2 billion, thus resulting in the increase of net income during the period.

“The continuing rise in the number of COVID-19 cases in the country and the absence of a vaccine to curb the spread of the virus sets a lot of uncertainties to this day,” said FDC President and CEO L. Josephine G. Yap.

She noted that, “The events continue to unfold but we have also learned to adjust in order to lessen the impact of the disruptions brought about by the pandemic. We are pleased with our robust results in the first half of 2020 but we remain cognizant of the risks of a prolonged quarantine period and are doing measures to mitigate its negative impact.”

EastWest Bank delivered a net income contribution to the group of P4.3 billion in the first half of 2020, 60 percent higher than the same period last year.

Property units Filinvest Land, Inc. (FLI), and Filinvest Alabang, Inc. (FAI) contributed P4.6 billion in net income to the group, rising by 8 percent from the first half of 2019.

Power subsidiary, FDC Utilities, Inc. (FDCUI), registered a net income of P996 million, 10 percent lower than the same period last year as volume dropped by 25 percent following the contraction in the demand from its customers beginning the latter part of March with the imposition of the ECQ.

Sugar operations, through Pacific Sugar Holdings Corporation (PSHC) contributed P310 million to FDC’s net income in the first half of 2020, growing by 19 percent year-on-year.

Hotel operations under Filinvest Hospitality Corporation (FHC) posted a revenue decline of 48 percent to P837 million in the first half of 2020 as occupancy rates dropped across the properties, leading to a net loss of P298 million from a net income of P223 million in the same period last year.