Filinvest Development Corp., the listed investment holding arm of the Gotianun Group, reported Wednesday a 36 percent jump in first-quarter net income to P2.9 billion on the back of strong performances of its banking, power and real estate ventures.
Total revenue and other income in the January-March quarter was also higher by 28 percent to P26.4 billion.
Cost and expenses rose 25 percent to P21.6 billion.
FDC said the banking and financial services, mainly EastWest Bank, contributed P1.2 billion, or 36 percent of group bottom line. The power subsidiary under FCDU Utilities added P1 billion, or 29 percent, while the property and hospitality segment led by Filinvest Land Inc. and Filinvest Alabang Inc. added P741 million, or 21 percent. Other businesses accounted for the balance of 14 percent.
“We are pleased with the strong financial results during the first quarter. We will push to maintain the momentum as we strive towards the fulfillment of our long-term goal of sustained growth in earnings,” said FDC president and chief executive officer Rhoda A. Huang.
FDC Utilities reported a 65 percent surge in net income to P1.0 billion, driven by higher-than-expected energy sales volume as well as increased operational plant efficiency. All units of its 405-megaWatt FDC Misamis plant were fully contracted, facilitated by the energization of the Mindanao-Visayas interconnection project in the second half of 2023.
The real estate group added P704 million, up 17 percent on stronger residential sales and improved mall rentals. Hotel operations under Filinvest Hospitality Corp, added P37 million to the group’s net income, helped by the recovery of domestic tourism supported the increase in occupancy and room rates across all the operating properties – namely, Crimson in Alabang, Boracay, and Mactan; Quest in Cebu, Clark, and Tagaytay; and Timberland Highlands in Rizal.
FDC has earmarked P25 billion for the group’s capital expenditures, with 60 percent set aside for the development of real estate projects. The remaining 40 percent is split for renewable energy projects, hotels and other businessses.
