Filinvest group pushing to keep growth momentum amid headwinds
Filinvest Development Corp. (FDC) is looking to sustain its strong first-quarter performance this year, banking on the strength of all its businesses despite “emerging challenges.”
The Gotianun-led conglomerate on Thursday said its net income in the January to March period surged by 25 percent to P3.6 billion.
Total revenues in the quarter jumped 11 percent to P29.3 billion, driven by double-digit growth in its banking, power, real estate, hospitality and sugar units.
“We started the year with a strong performance by all business units,” FDC president and CEO Rhoda Huang said in a statement on Thursday.
“We look forward to sustaining this momentum for the remainder of the year despite emerging challenges in some business segments,” Huang said.
East West Banking Corp. grew its net interest income by 13 percent to P9.3 billion. This was led by consumer lending, which accounted for 84 percent of the bank’s total loan book.
The bank’s profit totaled P1.9 billion, up by 14.5 percent. Noninterest income, meanwhile, improved by a quarter to P2.3 billion on higher service fees and commission income, trading securities gain, and gains from the sale of foreclosed assets.
Energy subsidiary FDC Utilities Inc. ended the quarter with a net income contribution of P1.2 billion, representing a 20-percent increase.
Although revenues declined by 7.4 percent to P5 billion because of lower average prices and volume sold, these were offset by reduced costs and expenses, FDC said.
Meanwhile, the real estate segment under Filinvest Land Inc., Filinvest Alabang and Filinvest REIT Corp. saw a 15.5-percent growth in its bottom line to P813.5 million, buoyed by the residential and retail segments.
Revenues from residential units and lots rose by 12.2 percent to P4.1 billion. Real estate revenues, on the other hand, grew by 9 percent to P3.7 billion, driven by the middle-income segment in areas outside Metro Manila, particularly in the Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) region, as well as the Visayas and Mindanao.
