FDC net income 14% higher to P11.8B

Net income attributable to equity holders of the parent company also rose 16 percent to P9 billion from P7.7 billion.

Parent firm Filinvest Development Corp. reports that property remains an important revenue driver and that in tandem with its hospitality business contribute more than half of its net earnings over a nine-month period.

Gotianun-led Filinvest Development Corp. (FDC) booked 14 percent higher consolidated net income in the first nine months of the year, to P11.8 billion from P10.3 billion last year as revenues rise 15 percent on the back of growth in core businesses.

Net income attributable to equity holders of the parent company also rose 16 percent to P9 billion from P7.7 billion. FDC said its property business remains the driver as the real estate and hospitality business contributes over half of FDC’s net income.

Meanwhile, banking unit East West Banking Corp.’s contribution was also significant at P4.4 billion, up 44 percent owing to non-interest income growth. Power unit FDC Utilities Inc., on the other hand, saw 9 percent higher net income to P2 billion.

“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,” FDC president and chief executive officer Josephine Yap was quoted as saying in a disclosure to the stock exchange.

“We are poised to finish 2019 as strongly with sustained robust business activity in our chosen segments that are focused on the underserved middle market,” she added.

Sale of lots, condominium and residential units climbed three percent to P16.1 billion, while rental revenues from Filinvest Land and Filinvest Alabang jumped 28 percent to P5.3 billion due to the completion of six office buildings. The developments added 118,000 square meters of gross leasable area to FDC’s portfolio.

Meanwhile, revenues from hotel operations rose 25 percent to P2.5 billion due to the opening of Crimson Resort and Spa Boracay in November 2018 and Quest Tagaytay in April 2019. FDC, which targets to manage 5,000 rooms by 2023, has about 2,600 rooms under planning and construction stages.

EastWest Bank recorded 24 percent higher revenues and other income, to P27 billion as non-interest income rise 29 percent led by trading gains, fees and other income. Loan growth also rose 13 percent.