Filinvest Development Corp., the listed holding company of the Gotianun family, said net income in 2015 climbed 13 percent to P7 billion from P6.2 billion in 2014 on the strong performance of core businesses.
FDC said in a regulatory filing consolidated revenues jumped 28 percent to P49.27 billion from P38.55 billion in 2014.
While the group’s real estate and banking units continue to account for the bulk of its sales, FDC started recognizing revenues from its power generation business due to full-year operations of the Unified Leyte and Mt. Apo 1 and two geothermal power plants in 2015.
Sales from real estate operations rose 12 percent to P21.08 billion, boosted by residential and rental revenues, while sales of the financial and banking services unit increased 13 percent to P18.14 billion.
Revenues from power generation operations surged by more than 5,800 percent to P6.21 billion from just P104.4 million in 2014.
The group’s sugar sales increased to P2.51 billionillion in 2015, up 6 percent from a year ago level, mainly due to higher selling prices. Hotel revenues climbed 16 percent to P1.28 billion in 2015, driven by higher occupancy rate.
The Gotianun group in 2011 ventured into power generation in a bid to form the third leg of the FDC conglomerate
The company aims to put up multiple power generation projects in the next five years across the Philippines.
The group is presently prioritizing the biggest power project in Mindanao, the 405-MW FDC Misamis power plant. Three 105-MW units will be commissioned one by one until full completion in 2016.
Meanwhile, real estate unit Filivest Land Inc. remains positive about the property market as it plans to launch P14.4 billion worth of residential projects in 2016
Filinvest Land said it was preparing 12 horizontal developments with a total sales value of P7.2 billion and two high-rise buildings with estimated revenues of P4.9 billion.
It also lined up three new medium-rise buildings and two additional MRB buildings within existing developments with a total sales value of P2.3 billion.
FDC’s total consolidated assets stood at P419 billion at the end of December 31, 2015, while total liabilities and total equity amounted to P322 billion and P97 billion, respectively.