Filinvest Development Corp. (FDC) reported a significant increase in earnings last year, amounting to P8.9 billion, marking a 58-percent rise. The company attributed this growth to the improved performance of all its businesses as it navigated through the post-pandemic era.

In a disclosure to the stock exchange on Wednesday, FDC also noted a rise in revenues to P92.8 billion from P71.1 billion in the previous year.

FDC’s president and CEO, Rhoda Huang, commented on the company’s strong performance, stating that the past operating year saw robust growth in all business lines. She credited this success to a renewed focus on business fundamentals and adherence to key strategic imperatives.

The earnings breakdown showed that the banking business, specifically East West Bank, contributed 39 percent to the company’s bottom line. This was followed by real estate and hospitality at 32 percent, power at 24 percent, and other businesses at 5 percent.

East West Bank saw a 32-percent growth in earnings, reaching P6.1 billion, fueled by strong deposit generation and sustained consumer loan activities. The bank’s high-yielding consumer lending portfolio expanded by 25 percent, representing 80 percent of its total loan base.

Meanwhile, FDC’s real estate business, through Filinvest Land Inc. and Filinvest Alabang Inc., posted a combined net income of P3.7 billion, a 31 percent increase driven by improved sales of mid-rise condominiums and housing projects. Mall and rental revenues also increased by 14 percent to P7.6 billion, with higher occupancy levels and reduced rental concessions.

In the power sector, FDC Utilities Inc. reported a 30-percent rise in earnings to P2.8 billion, attributed to higher volume and average selling prices. The company highlighted the full contracting of all units of its 405-megawatt coal-fired power plant in Misamis Oriental province, supported by the energization of the Mindanao-Visayas Interconnection Project.

Filinvest Hospitality Corp. (FHC) recorded a 48-percent increase in revenues to P2.9 billion, driven by higher average room rates and stable domestic tourism. The segment also generated P1.1 billion from food and beverage revenues.

FHC currently operates seven hotels under the Crimson, Quest, and Timberland Highlands brands, with approximately 1,800 rooms as of the end of 2023.

Fabio

Full Stack Developer

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