FDC boosts net profit by 16% to ₱9 billion in first 9 months

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.

Filinvest Land, Inc. (FLI) reported an 8 percent increase in net income to ₱4.60 billion in the first nine months of 2019 from ₱4.27 billion in the same period last year.

In a disclosure, FLI said it registered a 15 percent growth in gross revenues to ₱18.43 billion in the first nine months of 2019.

This was driven by a 27 percent increase in rental revenues, which reached ₱5.13 billion, and an 18 percent rise in real estate sales revenues to ₱12.19 billion.

Residential revenue growth of 18 percent is attributable to the high sales take-up levels in the past quarters as well as the completion of high-rise and mid-rise residential buildings.