FDC net income up 31% to P13.4 B

MANILA, Philippines — The Filinvest Group, the conglomerate of the Gotianun family, grew its consolidated net income 31 percent to P13.4 billion, buoyed by the growth in the property segment and strong sales of the power business.

Filinvest Development chairman Jonathan Gotianun said the company’s investments in various businesses are paying off.

“Our investments, not only in power, but also in property and bank infrastructure are now being reflected in our healthy yearend net income,” he said.

The bulk of the group’s gross revenues were generated by the property (43 percent) and banking (41 percent) arms, while the power business contributed 13 percent of revenue.

Property income alone reached P8.8 billion with growth driven mainly by its recurring income portfolio.

At present, FLI now operates 31 office and retail developments with a total of 712,000 square meters of gross leasable area.

Banking subsidiary EastWest Bank also delivered solid results, ending the year with a net income of P4.5 billion, realizing return on equity of 11 percent.

Energy sales from FDC Misamis power plant grew 24 percent last year, leading to a net profit of P2.1 billion or 16 percent of the group’s net income for FDC Utilities Inc.

Moving forward, FDC president & CEO Josephine Gotianun-Yap said the company’s venture  into airports, hospitality and logistic parks marks the start of a new phase for the conglomerate.

“This adds another layer of diversity to our income mix while also complementing investments in the region,” Yap said.