Filinvest Development Corp., the investment holding company of the Gotianun group, said Wednesday net income increased nearly two-and-a-half times to P2.2 billion in the first quarter from P874.2 million a year earlier.
The company said the income expansion was achieved on the back of strong earnings recovery of the businesses under the Filinvest group, pushing revenues 34 percent higher to P20.7 billion to outpace the 27 percent increase in cost and expenses to P17.3 billion.
“We expect to sustain this momentum moving forward given the continuous improvement in business activity in the country despite some macroeconomic headwinds. The consistently high domestic demand driven by strong household consumption should bode well for our businesses that are strongly focused on the middle market,” said FDC president and chief executive officer Josephine Gotianun-Yap.
Banking and financial services, led by EastWest Bank, accounted for 44 percent of the group’s net income while property business, composed of the real estate and hospitality segments, contributed 28 percent.
