Filinvest holding firm grows profit to P3.5B

MANILA, Philippines - Filinvest Development Corp. (FDC), the holding company of the Gotianun family, grew its first half profit by almost a fifth to P3.5 billion.

Officials attributed the growth in income to higher revenues from its subsidiaries, particularly its power generation arm.

“We are pleased with our first half results, and see this as confirmation of the successful execution of our deliberate strategy to invest in selective growth areas,”  FDC CEO Josephine Gotianun-Yap said.

Consolidated revenues and other income rose 32 percent to P24.8 billion.

Real estate and banking continued to account for majority of FDC’s revenues, at 39 percent and 36 percent respectively.

Power contributed 13 percent, sugar 10 percent, and the balance came from the hotel group.

Property subsidiary Filinvest Land registered a 12 percent rise in revenues to P8.7 billion on the back of strong demand for BPO office spaces as well as growth in residential sales.

On the other hand, banking unit EastWest Bank ended the first half with a net income of P1 billion.

“Due to its position as a leading consumer bank, the bank has access to low-cost funds while it is able to address the needs of a growing consumer population,” said chairman Jonathan T. Gotianun.