Filinvest Development Corporation (FDC), the flagship of the Gotianun family, posted a 35 percent drop in attributable net income to P2.0 billion in the first quarter of 2021 from P3.0 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said revenues and other income retreated by 23 percent to P16.6 billion due to the declines across the portfolio.

Costs and expenses had a corresponding decline of 23 percent to P13.0 billion following cost cutting measures to optimize efficiency. 

“The challenges brought about by the pandemic continues to persist and we know fully well that the path to recovery will be volatile,” said FDC President and CEO Josephine Gotianun-Yap.

She added that, “It is worth noting however that times of crisis are also times of opportunity for strong, forward-thinking companies.” 

“We are using this time to focus on building scale while leveraging on the strong foundation and franchise we have built across our portfolio of businesses,” said Gotianun-Yap. 

EastWest Bank delivered a net income contribution to the group of P2.0 billion, equivalent to 61 percent of FDC’s bottom line.

This was followed by the property business, composed of the real estate and hospitality segments, which delivered a combined P641 million or 20 percent of total.

The power subsidiary contributed P463 million in net income or 14 percent of total, while the balance of 5 percent came from other business. 

At present, Gotianun-Yap said FDC is looking at infrastructure and sustainable solutions such as solar energy, water and wastewater projects to expand its current portfolio. 

“Prospects for 2021 remain uncertain but we are hopeful that the economy can bounce back once community quarantines are relaxed. We recognize that crucial to a robust economic recovery is renewed business and consumer confidence,” she said.

Gotianun-Yap noted that, “We are supportive of efforts to open the economy while taking resolute steps to fast-track the vaccination rollout program and keep the COVID-19 caseload to the lowest level possible.” 

FDC continues to be at the forefront of the private sector’s efforts in helping the government address the challenges of the pandemic. The company is set to roll-out its free vaccination program for all employees by third quarter of this year.