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Friday, March 29, 2024

Filinvest’s ‘17 profit climbed 21% to P10.3-billion

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Filinvest Development Corp., the listed holding company of the Gotanun Group, registered a net income of P10.3 billion in 2017, up 21 percent from the 2016 level, boosted by the strong contribution of the banking and property businesses.

FDC said in a disclosure to the stock exchange consolidated revenues climbed 15 percent in 2017 to P67.6 billion, with banking contributing 42 percent and property adding 40 percent. This was followed by contributions from power (15 percent) and sugar (3 percent). 

FDC’s banking unit East West Banking Corp. registered a net income of P5.1 billion in 2017, up 48 percent from P3.4 billion booked in 2016. The increased profit was driven by growth in net revenues, which reached P25.6 billion, up 17 percent from 2016. 

“We are delighted to see a 48-percent increase in net income even after the 70-percent increase in 2016,” FDC chairman Jonathan Gotianun said.

The group’s property Filinvest Land Inc. also booked a net income of P5.8 billion, up nine percent from a year ago, on the back of a record P20.3 billion in revenues.

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Meanwhile the conglomerate’s power generation business under FDC Utilities Inc. delivered revenues of P9.9 billion in 2017, up 32 percent from P7.51 billion in 2016, mainly due to the full-year operation of the FDC Misamis coal plant which started commercial operation in the last quarter of 2016.

“We are happy to support Mindanao’s growth through our power plant and look forward to serving more people in 2018,” said FDC president Josephine Gotianun-Yap.

FDC’s hotel business generated revenues of P2.17 billion in 2017, up 37 percent P1.58 billion a year ago, due mostly to Quest Hotel and Conference Center and Mimosa Golf, Clark which began contributing revenues in the third quarter of last year. The company also attributed the increase to higher occupancy and average room rates across all hotels.

The hotel group recently added a new property to its portfolio—Crimson Resort and Spa in Boracay. Another Quest Hotel will open in Tagaytay thi year, beside FLI’s Fora Mall, right at the Tagaytay Rotonda.

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