Filinvest Development Corporation (FDC), the holding company of the Gotianun family, reported a 36 percent drop in attributable net income to P3.97 billion in the first nine months of 2022 from the P6.18 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said third quarter attributable earnings declined 12 percent to P1.74 billion this year from P1.98 billion in 2021.

Comparing third quarter results from the second quarter of 2022, the company’s net income improved by 19 percent due to the performance of the banking, real estate and power businesses.

“The steady improvement quarter-on-quarter of the bulk of our businesses has been encouraging. We are positive that the strong demand coming from the heightened economic activity can sustain the trajectory despite the high inflationary environment we are all in,” said FDC President and CEO Josephine Gotianun-Yap.

Supporting these numbers were key initiatives of the subsidiaries under the Filinvest group.

Filinvest Land, Inc. (FLI) launched P2.24 billion worth of projects including Futura Monte in Naga, and new phases of New Fields in Rizal and Alta Vida in Bulacan, among others.

Meanwhile, its venture accelerator unit, f(dev), entered a partnership with EnterpriseSG to bring Singapore start-ups and their innovative solutions to the Philippines.

In the area of infrastructure, Filinvest together with its consortium partners in Luzon International Premiere Airport Development (LIPAD), witnessed the grand opening of the passenger terminal at Clark International Airport (CRK) which the group will manage and operate.

Banking accounted for 42 percent of FDC’s bottom line in the nine-month period, contributing a net income of P3.0 billion to the Filinvest group.

This was followed by the property business, composed of the real estate and hospitality segments, which posted a combined P2.2 billion or 31 percent of total.

The power subsidiary contributed P1.7 billion in net income or 23 percent of total, while the balance of 4 percent came from other businesses.

Hotel operations under Filinvest Hospitality Corporation (FHC) saw a rebound in revenues of 70 percent to P1.3 billion in the first nine months of 2022 with the easing of travel restrictions.

Average room rates increased across the six properties while occupancy rates were higher for Crimson Boracay as well as Quest in Cebu and Tagaytay. FHC’s portfolio has approximately 1,800 rooms under the Crimson and Quest brands.