Gotianuns upbeat on FDC growth, expansion plans
Filinvest Development Corp., the listed holding firm of the Gotianun family, is looking forward to a much better year, especially with the start of commercial operations of all three power plants in Misamis Oriental.
“We are excited this year as we expect to start commissioning the first unit of our 3 x 135 megawatt coal plant in Misamis Oritnetal in the second quarter of 2016 while the remaining two units will follow within the year,” FDC president and CEO Josephine Gotianun-Yap said.
“With the addition of 405 MW of much needed power to the Mindanao grid, we look forward to partnering with the region in accelerating growth,” Gotianun-Yap said.
During FDC’s annual stockholders meeting last week, Gotianun-Yap said the last three years had been a period for major investments for the company. She cited the expansion of banking unit East West, which saw its branch network grow to 433 at the end of 2015 from 265 in 2011, the increase in Filinvest Land’s gross leasable area which doubled from 2009 levels, and the upcoming commissiong of all three 135 MW boilers of coal power plants in Misamis Oriental.
“These investing activities are all reasons why the net income, albeit grouting steadily, has not kept pace with the increase in revenues. Full year revenues from these investment will be felt in the succeeding years,” she added.
Last year, FDC registered revenues of P49.3 billion, the bulk of which or about 43 percent continued to come from its real estate business under Filinvest Land Inc. and Filinvest Alabang.
EastWest Bank pumped in 37 percent of revenues while power unit FDC Utilities Inc. made its first significant contribution at 13 percent. The balance came from the sugar and hotel businesses.