Filinvest Development Corp., the diversified investment holding company of the Gotianun Group, said Thursday net income surged 41 percent to P5.5 billion in the first half, bolstered by gains from its banking, property and power businesses.
Total revenue and other income in the first half rose by 30 percent to 55.5 billion.
“FDC’s strong performance in the first half of 2024 was broad-based, led by banking, power, and real estate. We look forward to sustaining our robust growth as we keep honing our strategies and operations, and as we implement important capital investments for long-term growth,” said Rhoda Huang, president and chief executive officer of the company.
East West Bank saw net interest income rise 28 percent on double-digit growth in consumer lending, which accounted for 82 percent of the total loan book. This helped improve net interest margin to 8.1 percent from 7.5 percent. Non-interest income grew 12 percent.
FDC Utilities Inc., the power unit of FDC, posted a 75 percent surge in first-half revenue due to higher energy sales from its fully-contracted 405-megaWatt plant in Misamis Oriental on account of the Mindanao-Visayas interconnection project.
FDC’s real estate business, composed of subsidiaries Filinvest Land, Inc., Filinvest Alabang, Inc., and Filinvest REIT Corp., generated 18 percent higher revenue versus the same period last year from improved residential sales and mall rentals.
Hotel operations under Filinvest Hospitality Corporation grew revenue by 49 percent compared to the same period last year, made possible by a strong resurgence in domestic tourism and international arrivals. This led to higher room occupancy and rates across its brands – Crimson, Quest, and Timberland Highlands, which included 7 hotels with 1,800 rooms, and two 18-hole golf courses situated in Filinvest Mimosa Plus Leisure City in Clark, Pampanga.
