Filinvest Development Corp., the listed holding company of the Gotianun family, registered a net income of P8.5 billion in 2016, up 21 percent from a year ago, on the back of the strong performance of the banking and real estate businesses.
Filinvest said in a disclosure to the stock exchange 2016 consolidated revenues jumped 19 percent to P58.6 billion from P49.3 billion in 2015.
The main contributors to the holding company’s revenues were banking and the real estates business, which accounted for 41 percent and 39 percent, respectively.
The power, sugar and hotel businesses contributed 13 percent, four percent and three percent, respectively.
FDC Utilities Inc., the group’s power generation unit, completed its 3 x 135 megawatt-clean coal power plant in Villanueva, Misamis Oriental province on schedule, or before the end of 2016.
“We were excited to start supplying much-needed electricity to the Mindanao grid. This will not be immediately reflected in the revenues, however, since commercial operations started toward the end of the year,” FDC president and chief executive officer Josephine Gotianun-Yap said.
East West Banking Corp. increased its loan portfolio by 29 percent to P202 billion, as consumer loans jumped 51 percent while deposits grew 30 percent.
“2016 shows the early results of our expansion program that started in 2012,” said FDC chairman Jonathan Gotianun. The bank started an expansion program in 2012 that expanded its store network almost three times to 445, including its rural bank subsidiary.
The bank’s productivity showed marked improvement after net revenues grew 34 percent to P22 billion, while operating expenses increased 20 percent to P12 billion.
The conglomerate’s property unit Filinvest Land Inc. posted an eight-percent increase in revenues to P24.2 billion, boosted by real estate sales and rental income.
