Real estate, power boost Gotianun-led conglomerate’s 2015 profit
Filinvest Development Corp. of the late bilyonaryo Andrew Gotianun Sr. grew its net profit by 13 percent last year, led by the strong performance of its real estate operations as well as the initial recognition of electricity sales from its power unit.
The real estate business continued to account for bulk of revenues (43 percent) while financial services contributed 37 percent and power generation chipped in 13 percent.
The balance came from sugar operations (5 percent) and hotel operations (2 percent).
FDC said power subsidiary FDC Utilities Inc. saw its first significant revenue stream last year as it recognized the sale of power from its independent power producer administration contract with Unified Leyte geothermal plant and Apo geothermal power plant.
Real estate units Filinvest Land Inc. and Filinvest Alabang continued to deliver solid growth. FLI posted a 11 percent year on year increase in net income to P5.1 billion on the back of a 7 percent rise in revenues.
FAI, the developer of the 244-hectare Filinvest City, reported P1.9 billion in revenues.
Banking unit East West Bank reported a net income P2.08 billion with core revenues growing 23 percent due to the expansion of its loan portfolio.
The sugar division saw its revenue rise 5 percent while hotel group reported a 16 percent growth in revenue.
“We have much to look forward to in 2016 as we expand the FDC portfolio with our investments in the power sector,” said FDC president and CEO Josephine Gotianun Yap.
“We are looking forward to commissioning the group’s 405 megawatt coal-fired power plant in Misamis Oriental and providing much-needed electricity to the Mindanao grid,” she added.