The Gotianun family’s investment arm Filinvest Development Corporation (FDC) and property development unit Filinvest Land Inc. posted higher earnings for the first half of 2023.

In a disclosure to the Philippine Stock Exchange, FDC reported a 77 percent jump in attributable net income to P3.9 billion for the first half of 2023 from the P2.2 billion generated in the same period last year.

The growth was driven by a 29 percent increase in total revenues and other income from P33.1 billion in the first six months of 2022 to P42.5 billion in the same period in 2023.

The increase in revenues and other income by business segment were as follows: banking, 41 percent; real estate, nine percent; power, 24 percent; sugar, 36 percent; and hospitality, 61 percent. 

The increases reflected mainly the continued recovery of the businesses over prior periods which were adversely affected by the COVID-19 pandemic.

Significantly, the level of total revenues and other income of the conglomerate in the first six months of 2023 already equaled the amount generated before the pandemic of P41.6 billion in the first six months of 2019.

“We are very encouraged by the continued recovery of our businesses. We look forward to sustaining our growth momentum for the balance of the year,” said FDC President and CEO Chiqui A. Huang.

She added that, “we are working to make the businesses and the entire organization even stronger under the leadership of newly appointed executives in the business units and FDC, the parent company.”

Revenues from EastWest Bank (EW) rose 32 percent in the first half of 2023 or by P3.8 billion driven by higher interest income from loan growth this year. 

For real estate, recurring revenues grew by 16 percent or by P504.7 million with the improvement in mall leasing. 

Revenues from power also grew strongly by 24 percent or by P1.4 billion due to the significant increase in electricity prices driven by the high prices of fuel. 

Hospitality revenues increased by 60 percent or by P503 million made possible by higher occupancy rates and average room rates across hotel properties as travel and tourism, mostly domestic, started recovering as travel restrictions imposed during the pandemic were lifted.

Other income improved by 79 percent or by P1.8 billion coming mainly from EastWest Bank’s higher trading gains, service charges and commissions.

FLI reported an increase of 15 percent in attributable net income to P1.39 billion in the first half of 2023 as total consolidated revenues and other income increased by eight percent year-on-year from P9.15 billion in 2022 to P9.92 billion in 2023.

This is as the full-range property developer’s residential and rental business segments posted growth.

"Filinvest Land continued to achieve growth in its residential and rental business segments during the first six months of the year," said FLI President and CEO Tristan Las Marias. 

He added that, “we are pleased that our efforts led to satisfactory results as we continued to sustain our sales and marketing activities. We remain focused on meeting our customers’ needs as we target to further grow our business this year, with further residential launches planned in the second half.”

Residential revenues improved four percent to P6.06 billion due to accelerated construction progress and strong performance of FLI’s housing projects and medium-rise condominium projects. Reservation sales grew by 21 percent to P11 billion.

Revenues from the mall business jumped 64 percent to P1.15 billion due to the increase in mall occupancy and rise in shopper traffic brought about by improving consumer activity as well as normalized rental rates. 

Office revenues inched up one percent to P2.29 billion due to newly signed leases in office buildings.