Filinvest Group profit grows 30%
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Wed, 27 Mar 2019 17:10:25 +0000
GOTIANUN-LED Filinvest Development Corp. (FDC) reported a 30-percent jump in 2018 net income, to P13.4 billion from P10.3 billion a year earlier, as gains from its property and power businesses offset a profit drop from banking.
Revenues increased by 8.4 percent to P73.3 billion from P67.6 billion, of which 43 percent was attributed to property, 41 percent to banking, 13 percent to power generation and 3 percent to the sugar business.
On a stand-alone basis,
Land Inc. posted a 4-percent increase in net income, to P6.08 billion from P5.83 billion in 2017, as revenues rose by 10 percent to P22.21 billion.
Rental revenues alone jumped by 27 percent to P5.61 billion from a year earlier.
FDC Utilities Inc. meanwhile, contributed P2.1 billion, which was said to have been driven by higher energy sales from its 3×135-megawatt Misamis power plant.
EastWest Banking Corp. saw a 12-percent drop in profit to P4.5 billion from the P5.1 billion posted in 2017. The decline was blamed on higher interest costs and lower
trading bains.
Revenues were flat at P25.5 billion from P25.7 billion a year earlier.
In a statement, FDC President Josephine Gotianun-Yap expressed confidence that new business ventures would contribute to the firm’s bottomline.
“The Filinvest group’s entry into airports, hospitality and logistic parks marks the start of a new phase for FDC, as we kick off our involvement in tourism and infrastructure,” she said.
“This adds another layer of diversity to our income mix while also complementing investments in the region.”
FDC is a party to the NAIA Consortium seeking to rehabilitate the Ninoy Aquino International Airport.
FDC shares ended down 2 centavos or 0.13 percent to P15.96 apiece on Tuesday amid a 0.58-percent drop for the benchmark Philippine Stock Exchange.
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