FDC profit dips by 28% in 2021

MANILA, Philippines — Filinvest Development Corp. (FDC), the listed conglomerate of the Gotianun family, reported a 28 percent decline in net income to P6.1 billion last year due to a challenging environment brought about by the COVID-19 pandemic.

Revenues and other income were lower by 13 percent, FDC said in a disclosure to the Philippine Stock Exchange.

FDC president and CEO Josephine Gotianun-Yap said while the residential and power businesses grew, banking and commercial leasing businesses contracted.

“Our financial results in 2021 were mixed across our businesses resulting from the varying degrees of economic impact caused by the COVID-19 disruptions. We saw higher reservation sales in the residential business, particularly the affordable horizontal segment. However, volumes have not returned to pre-pandemic levels for most of the businesses by the end of 2021,” Gotianun-Yap said.

FDC is working to regain lost ground in banking, commercial leasing and hospitality now that restrictions have eased, Gotianun-Yap said.

In terms of contribution, FDC’s banking and financial services subsidiary EastWest Bank delivered a net income contribution to the group of P4.3 billion, equivalent to 40 percent of FDC’s bottom line. Next biggest contributor was property, composed of the real estate and hospitality segments, which delivered a combined P4.2 billion or 39 percent of the total. The power subsidiary contributed P2.1 billion in net income or 19 percent of the total with the rest coming from other businesses.