Gotianun's Filinvest Posts Net Income of P2.9 Billion from January to March
With gains from its banking, power, and property units, Filinvest Development Corporation (FDC) boosted its profits by 36 percent to P2.9 billion in the first quarter of 2024. This is up from P2.2 billion in the same period last year.
Revenues also surged by 28 percent to P26.4 billion, even with higher costs and expenses.
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The banking sector of the Gotianun family-led conglomerate accounted for 36 percent of its bottom line from January to March. EastWest Bank booked a six-percent rise in its net income contribution, bringing the amount to P1.2 billion. According to FDC, this was fueled by consumer lending, which took up 81 percent of its total loan book. Net interest income rose to P8.2 billion.
Earnings of FDC Utilities, Inc. climbed 65 percent to P1 billion, following “higher-than-expected energy sales volume and increased operational plant efficiency.” The power subsidiary accounted for 29 percent of FDC’s bottom line, second to EastWest Bank.
The real estate and hospitality segments, meanwhile, contributed to 21 percent of the conglomerate’s total profit, whereas 14 percent was attributed to its remaining businesses.
Property businesses Filinvest Land, Inc and Filinvest Alabang, Inc. saw its income rising to P704 million. This follows the improvement in residential sales by 24 percent to P3.6 billion due to stronger performance of medium-rise condominiums and faster construction of other projects.
As for hotels, Filinvest Hospitality Corporation had a P37 million share in the overall net income, as its properties booked more occupancies. These include Crimson in Alabang, Boracay, and Mactan; Quest in Cebu, Clark, and Tagaytay; and Timberland Highlands in Rizal. Mall revenues also went up four percent to P2 billion, which were driven by higher occupancy and foot traffic.
FDC, an investment holding company, earlier set aside P25 billion as its capital expenditure budget for the year, with 60 percent allocated for real estate development.
“We are pleased with the strong financial results during the first quarter,” FDC president and chief executive officer Rhoda Huang said. “We will push to maintain the momentum as we strive towards the fulfillment of our long-term goal of sustained growth in earnings.”
