FDC sustains growth momentum, makes P2.8B in the first quarter
Filinvest Development Corp. (FDC) got off to a good start as it posted an 18 percent increase in its fist quarter earnings to P2.8 billion.
Bulk of revenues or 46 percent was contributed by the property business with the hotel segment seeing a 21 percent growth on increased revenues from Mimosa Golf Clark.
Banking chipped in 39 percent of the total while power and sugar contributed 11 and four percent, respectively.
The power group, managed by subsidiary FDC Utilities, Inc. (FDCUI) grew its bottomline as its 405-MW clean c saw higher demand from customers.
“Our interests in power and infrastructure can provide balance to our more cyclical property segments and banking businesses with steady and stable revenues from rental, power, sugar and infrastructure sectors. At the same time, investment in airport infrastructure will complement our hospitality and BPO projects in the country,” said FDC president and CEO Josephine Gotianun Yap.