Business Headlines

FDC earnings climb 16%

Gotianun-led Filinvest Development Corp. grew its nine-month earnings by 16% to P9 billion on the back of higher contributions across all business units.

Gotianun-led Filinvest Development Corp. grew its nine-month earnings by 16% to P9 billion on the back of higher contributions across all business units.

Consolidated revenues expanded by 15% with core businesses in property and banking, together with power and sugar, registering significant increases.

Property, composed of the real estate and hospitality segments, continues to be a solid source of growth for the group, contributing more than half of FDC’s bottom line.

Filinvest Land Inc. chalked up P16.1 billion in sales of lots, condominium and residential units. Rental revenues from FLI as well as Filinvest Alabang, Inc. (FAI) grew 28% to P5.3 billion following the completion of six office buildings in 2018, adding a total of 118,000 square meters of gross leasable area (GLA) to its portfolio.

Revenues from hotel operations grew 25% to P2.5 billion, led by the opening of Crimson Resort and Spa Boracay in November 2018 and Quest Tagaytay in April 2019.

Banking unit East West Banking Corp. contributed P4.4 billion to FDC’s total earnings, up 44% year on year.

Power subsidiary FDC Utilities pumped in P2 billion in net income, representing an increase of 9% year on year.

“We are poised to finish 2019 as strongly with sustained robust business activity in our chosen segments that are focused on the underserved middle market,” said FDC president and CEO Josephine G. Yap.

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