Filinvest Development nets P10.3 billion
FILINVEST Development Corp. (FDC) grew its net profit by more than a fifth last year, buoyed by its banking and property businesses.
In a disclosure to the stock exchange on Tuesday, the holding firm of the Gotianun family said its net income hit P10.3 billion last year, a 21% improvement from the prior year.
Revenues rose 15% year on year to P67.6 billion, with banking and property contributing 42% and 40%, respectively. The share of power stood at 15% and sugar at 3%.
East West Banking Corp. posted another strong year, with its net income surging 48% to P5.1 billion in 2017 from P3.4 billion booked in 2016 on the back of a 17% growth in net revenues.
“We are delighted to see a 48% increase in net income even after the 70% increase in 2016,” FDC Chairman Jonathan T. Gotianun was quoted in the statement as saying.
EastWest Bank’s consumer loans accounted for 71% of total loans, making it the most consumer- focused bank in the country. As a result, the lender sustained its industry-leading net interest margin at 7.8%.
Filinvest Land, Inc. (FLI) delivered a 9% growth in earnings of P5.8 billion, supported by the record P20.3 billion in revenues anchored on its growing retail business.
The hotel group is likewise expanding its portfolio under the Crimson and Quest brands. It has taken over the management of the Mimosa estate’s existing facilities, which have been rebranded as Quest Plus Hotel and Conference Center-Clark and Mimosa Golf-Clark.
The hotel group recently added Crimson Resort and Spa in Boracay and is scheduled to open another Quest Hotel in Tagaytay beside FLI’s Fora Mall this year. It currently has eight hotels in the planning and construction stage.
The group has been strengthening its footprint in the northern corridor with two huge development projects.
FLI has a joint venture with the Bases Conversion and Development Authority to develop a 288- hectare mixed- use project with an industrial anchor, as well as a 203- hectare joint venture with the Clark Development Corporation that will be transformed into a $ 200- million integrated leisure township.
“We look forward to being part of development in central Luzon, which we have identified as one of the major growth hubs in the country,” FDC President and Chief Executive Officer Josephine Gotianun-Yap said.
FLI is planning to launch P16 billion worth of residential projects in 2018, higher than the P14.6 billion worth of residential projects launched last year in Metro Manila, Rizal, Cavite, Dumaguete, Davao and Iloilo.
FDC Utilities, Inc. reported a 32% growth in revenues last year, as the group’s flagship 3x135 megawatt clean coal facility in Misamis Oriental marked its first full year of commercial operations.
FDC shares shed nine centavos or 1.20% to settle at P7.40 apiece on Tuesday. —