Filinvest Dev’t income up 18% to P2.8 B
Filinvest Development Corp. (FDC) of the Gotianun family started the year on a high note with earnings rising by nearly a fifth in the first quarter behind strong revenue contributions from its property business.
FDC said its first quarter net income grew 18 percent year-on-year to P2.8 billion, with bulk or 46 percent of revenues coming from its real estate and hotel groups.
The remainder of the company’s revenues was contributed by banking at 39 percent, power at 11 percent and sugar at four percent.
Improved occupancy rates across all its hotel properties as well as increased revenues from Mimosa Golf Clark contributed to higher hotel revenues.
FDC subsidiary Filinvest Hospitality Corp. (FHC) currently has four properties in its portfolio, with a total of 1,591 rooms under the Crimson and Quest brands.
FHC’s newest property, Crimson Resort and Spa Boracay, is set to open once the island of Boracay re-opens and adds another 192 rooms.
Including two additional Quest properties in Tagaytay and San Mateo under management firm Chroma Hospitality Inc. that are opening within the year, the group now has eight new hotels in the planning and construction stages for a total of 1,700 additional rooms.
Real estate subsidiary Filinvest Land Inc. (FLI), meanwhile, saw its first quarter net income jump seven percent to P1.5 billion on the back of major expansion of its rental property portfolio and the continued strong demand for its retail and office spaces.
FLI operates 22 office buildings with a total of 348,000 square meters of gross leaseable area (GLA) while retail GLA stands at 239,000 square meters.
FDC said the firm is on track to meet its target of 1.5 million square meters of GLA in 2022.
Meanwhile, banking subsidiary EastWest Bank reported a lower net income in the first quarter to P900 million from P1.2 billion in the same period last year primarily due to the lower contribution from its wholly owned subsidiary, EastWest Rural Bank, and securities trading losses.
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