Filinvest income up 58% on growth of all biz lines
Gotianun-led Filinvest Development Corp. (FDC) booked P8.9 billion in earnings last year, an increase of 58 percent, on the improved performance of all its businesses.
In a stock exchange filing on Wednesday, Filinvest said revenues likewise climbed to P92.8 billion from P71.1 billion.
“This past operating year was marked by robust growth in all our business lines,” FDC president and CEO Rhoda Huang said.
“The key to our success was a renewed focus on the fundamentals of our business and staying true to our key strategic imperatives and reliance on our core strengths as an organization,” she added.
Earnings from its banking business, through East West Bank, accounted for 39 percent of the company’s bottom line. It was followed by real estate and hospitality (32 percent), power (24 percent) and other businesses (5 percent).
East West delivered a 32-percent growth in earnings to P6.1 billion on strong deposit generation and sustained consumer loan.
The high-yielding consumer lending portfolio, which accounted for 80 percent of East West’s total loan base, climbed by 25 percent.
FDC’s real estate business via Filinvest Land Inc. and Filinvest Alabang Inc. contributed a combined P3.7 billion in net income, up by 31 percent, as its mid-rise condominiums and housing projects saw better sales.
Mall and rental revenues improved by 14 percent to P7.6 billion as occupancy levels increased and rental concessions reduced.
Power subsidiary FDC Utilities Inc. booked a 30-percent rise in earnings to P2.8 billion on higher volume and average selling prices.
According to FDC, all units of its 405-megawatt coal-fired power plant in Misamis Oriental province were fully contracted on the back of the energization of the P52-billion Mindanao-Visayas Interconnection Project.
Higher average room rates and “stable domestic tourism” pulled up the revenues of Filinvest Hospitality Corp. (FHC) by 48 percent to P2.9 billion. Revenues from food and beverage added P1.1 billion to the segment.
As of end-2023, FHC has around 1,800 rooms across seven hotels under the Crimson, Quest and Timberland Highlands brands. —MEG J. ADONIS INQ
