Filinvest income up 23% in 2019

LISTED Filinvest Development Corp. (FDC) reported on Wednesday a P12-billion net income attributable to equity holders of the parent last year on the back of the strong growth recorded by its businesses. In a disclosure, the GoM tianun- led holding company said the amount was a 23- perM cent increase from P9.8 billion in 2018. Its consolidated net income also rose by 18 percent to P15.9 billion. FDC attributed the doubledigit profit increase to the 15-perM cent growth in revenues as its banking, property, power and sugar units registered growth.

“The year 2019 was a banner year for FDC. We met our goals for our core businesses, gained further traction in the new businesses and achieved record financial results,” FDC PresiM dent and Chief Executive Officer Josephine Yap was quoted as saying in the disclosure.

“This was done through our continued focus on the delivery of products and services to the dynamic, yet underserved middle market,” she added.

FDC’s property business, which includes its real estate and hospitality arms, contributed more than half of the corporaM tion’s bottomline in 2019.

Sales of its lots, condominiM um and residential units inched up by 5 percent to P21.5 bilM lion last year, led by the higher residential sales generated by Filinvest Land Inc. ( FLI).

Rental revenues from FLI and Filinvest Alabang Inc. also inM creased by 21 percent to P7.5 billion, with total building and land lease portfolio almost at 1.1 million square meters of gross leasable area.

Earnings of its hotel operations grew by 24 percent to P3.3 billion on the back of higher occupancy rates, supported by the opening of Crimson Resort and Spa BoraM cay in 2018 and Quest Tagaytay a year later.

Banking arm East West BankM ing Corp. contributed P6.1 bilM lion last year, up 45 percent from the 2018 figure. Its revenues and other income also rose by 21 percent to P36.4 billion, driven by the 12-percent growth in net interest income and 16-percent increase in non-interest income.

FDC Utilities Inc. contributed P2.5 billion in 2019, better than the 2018 figure by 20 percent.

Its revenues jumped by 17 percent to P10.1 billion, which was attributed to higher sales volM ume brought about by increased demand and sale of replacement power to other power generators.

FDC shares decreased by 18 centavos or 2.20 percent to close at P8.02 each on Wednesday.