FDC earnings grow to P9 billion in 9 months

MANILA, Philippines — Filinvest Development Corp. (FDC) of the Gotianun family reported a net income of P9 billion in the first nine months, up 16 percent.

In a disclosure yesterday, FDC said the strong performance of the company was boosted by a 15 percent revenue growth, with its core businesses in property and banking, together with power and sugar performing well.

“We are pleased with the year-to-date performance of the group, with each of the reported business lines contributing positively to the bottom line,” said FDC president and chief executive officer Josephine Yap. 

By businesses, FDC’s Filinvest Land Inc. posted strong growth as sales of lots, condominium and residential units rose five percent to P16.1 billion.

This added 118,000 square meters of gross leasable area (GLA) to its portfolio. 

Hotel operations achieved a revenue growth of 25 percent to P2.5 billion, which also contributed to the improved performance of the property business.

For the banking arm, EastWest Bank’s revenue and other income grew 24 percent to P27 billion, primarily driven by a 29 percent increase in non-interest income led by trading gains of P872 million as well as fees and other income that grew by 13 percent to P4.4 billion. 

The energy business, FDC Utilities posted revenue growth of 12 percent to P7.7 billion.

This was brought about by higher volume of energy sold as a result of increased demand from its customers and the sale of replacement power to other power generators. 

At present, FDCUI operates an aggregate 405-megawatt clean coal plant in Misamis Oriental which is the largest operating baseload power plant in Mindanao. The plant operates efficiently, being able to maintain a high availability factor of 91 percent in the first nine months of the year, allowing it to serve its disperse customer base of 15 distribution utilities and a private company.   

FDC is also the developer of two major townships in the high-growth Clark corridor, namely the 201-hectare Filinvest Mimosa Plus Leisure City and the 288-hectare Filinvest at New Clark City. 

The company is optimistic about strong growth in the North Luzon area and believes the two townships will strongly contribute to growth moving forward.