Net income of Filinvest Development Corp. jumped 50 percent to P3.86 billion in the first quarter of the year from P2.57 billion year-on-year, bolstered by the strong performance of its real estate, power and banking businesses.
FDC said in a regulatory filing that first-quarter consolidated revenues rose 22 percent to P21 billion, with financial services and real estate contributing 41 percent and 37 percent of total revenues, respectively. The balance was contributed by power (12.3 percent) sugar (4.9 percent) and hotel operations (4.7 percent).
Real estate operations booked revenues of P8.1 billion in the first three months of 2019, up 11.8 percent on year, due to higher residential sales and increased leasing revenues from mall and office businesses.
The group’s hospitality operations posted revenues of P148 million during the period, up 82.5 percent, on higher average room rate, increased level of occupancy among its hotels as well and the soft opening of Crimson Boracay hotel.
FDC’s banking operations delivered a net income of P1.23 billion in the first quarter of the year, up 34 percent, as revenues and other income climbed 30 percent to P8.7 billion.
Net income of the group’s power unit surged 125 percent to P654 million on the back of a 25.7-percent increase in sales generated by a coal power plant and real electricity operations.
The conglomerate’s sugar business posted a net income of P212.2 million, up more than seven times from P30.9 million recorded in the previous year, on higher sales volume as well as sales price.
The conglomerate has earmarked P38.9 billion in capital expenditures this year, primarily to support the expansion of the property and hospitality businesses.
FDC said a significant portion of its this year’s programmed spending would be allotted for the development of Filinvest Mimosa+ Leisure City and the 64-hectare phase 1 of the group’s township development in New Clark City.
Part of the budgeted investments include the expansion of FDC’s hotel portfolio.