Filinvest Development Corp. (FDC) reported a net income attributable to equity holders of P3.9 billion in the first quarter, up 8 percent from P3.6 billion a year ago, driven mainly by stronger real estate sales despite weaker performance from its power business.

The Gotianun-led firm said Thursday that consolidated net income rose 7 percent to P4.8 billion, while total revenues and other income increased 5 percent to P30.8 billion.

Property business led growth

The property business led growth during the quarter, with revenues climbing 16 percent to P7.9 billion as residential sales jumped 28 percent on sustained demand for ready-for-occupancy units and ongoing project completions.

Banking revenues also grew 12 percent to P15.6 billion, supported by higher loan volumes and stronger net interest income at EastWest Bank.

Meanwhile, revenues from the power business fell 28 percent to P3.6 billion due to lower spot market sales and weaker coal cost passthrough rates.

Hospitality revenues were largely steady at P1.2 billion, supported by higher room rates and stronger food and beverage sales.

Results across business segments mixed

FDC president and CEO Rhoda Huang said results across business segments were mixed, with real estate and hospitality remaining resilient despite macroeconomic pressures.

Banking accounted for 51 percent of the conglomerate’s revenues and other income during the quarter, while real estate contributed 26 percent.

As of the end of March, FDC’s total assets stood at P888 billion, with a debt-to-equity ratio of 0.60:1. The company also declared cash dividends of P0.14027 per share payable on 22 May.