FDC boosts net profit by 16% to ₱9 billion

Gotianun family-led Filinvest Development Corporation (FDC) reported an attributable net income growth of 16 percent to ₱9.0 billion for the first nine months of 2019 from the ₱7.7 billion in the same period last year.

In a disclosure, the firm said the strong performance was on the back of a revenue growth of 15 percent to ₱55.26 billion, with its core businesses in property and banking, together with power and sugar, registering notable increases.

FDC believes that property, composed of the real estate and hospitality segments, continues to be a solid source of growth for the group, contributing more than half of FDC’s bottom line.

Meanwhile, FDC’s banking and financial services subsidiary, East West Banking Corporation (EastWest Bank), delivered a net income contribution to the group of ₱4.4 billion for the first nine months of 2019, growing by 44 percent.

Power subsidiary, FDC Utilities, Inc. (FDCUI), contributed ₱2.0 billion in net income, rising by 9 percent from the same period the previous year.

“We are pleased with the year-to-date performance of the group, with each of the reported business lines contributing positively to the bottom line,” said FDC President and CEO L. Josephine G. Yap.

She added that, “we are poised to finish 2019 as strongly with sustained robust business activity in our chosen segments that are focused on the underserved middle market.”

Sale of lots, condominium and residential units rose by 5 percent to ₱16.1 billion as rental revenues grew by 28 percent to ₱5.3 billion. Hotel operations achieved a revenue growth of 25 percent to ₱2.5 billion.

FDCUI revenues rose by 12 percent to ₱7.7 billion while EastWest Bank’s revenues and other income grew by 24 percent to ₱27.0 billion. (James A. Loyola)