Filinvest first-quarter earnings rose 8%
Filinvest Development Corp. (FDC) grew its attributable profit in the first quarter as strong real estate sales helped offset weaker contributions from its power business amid a challenging macroeconomic environment.
In a disclosure on Thursday, the Gotianun-led conglomerate said net income attributable to equity holders of the parent company rose 8 percent to P3.9 billion in the January-to-March period from P3.6 billion a year ago.
Consolidated net income climbed 7 percent to P4.8 billion.
Total revenues and other income increased by 5 percent to P30.8 billion, driven mainly by gains from its banking, real estate and hospitality businesses.
The real estate segment emerged as the company’s main growth driver, with revenues rising 16 percent to P7.9 billion on the back of stronger residential and commercial lot sales.
Residential sales jumped 28 percent, supported by sustained demand for ready-for-occupancy units and higher completion rates for ongoing projects.
Mall and rental revenues also posted slight gains as occupancy and foot traffic improved.
“The business results were mixed,” FDC president and CEO Rhoda Huang said. “Real estate and hospitality showed resilience against macroeconomic pressure, while for others, profits were flat or experienced decreases versus a year ago.”
Banking subsidiary EastWest Bank remained the conglomerate’s biggest revenue contributor during the quarter, accounting for 51 percent of total revenues and other income.
East West Banking Corp.’s revenues were supported by higher loan volumes and better management of funding costs, which lifted net interest income by 20 percent to P11.1 billion.
Consumer lending continued to dominate the loan portfolio, making up 84 percent of total loans.
The hospitality business delivered steady results as higher room rates and stronger food and beverage sales offset broader economic pressures.
