FIlinvest Development Corp., the listed holding company of the Gotianun Group, said Monday net income attributable to equity holders of the parent company fell 29 percent in 2020 to P8.5 billion from P12 billion in 2019 amid the difficult business environment caused by the pandemic.
FDC said in a disclosure to the stock exchange its diversified portfolio allowed it to report healthy financial results despite the challenging environment.
FDC’s banking arm EastWest Bank delivered a net income contribution to the group of P6.4 billion, or 4 percent higher than P6.2 billion in 2019, driven by higher trading gains and higher margins resulting from the low interest rate environment that consequently lowered funding costs.
Its property business, composed of the real estate and hospitality segments, delivered P5.3 billion, down by 29 percent from the previous year. The group’s residential segment was affected by lower sales take-up, completion delays and the grace period granted to the homebuyers during the strict lockdown period which delayed real estate sales recognition.