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Friday, March 29, 2024

FDC’s profit contracts 35.5% to P4 billion

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Filinvest Development Corp. said Monday consolidated net profit dropped 35.5 percent to P4 billion in the first nine months from P6.2 billion in the same period last year on lower contributions from banking and property units.

FDC said in a disclosure to the stock exchange nine-month consolidated revenues rose 25.8 percent to P47 billion from P41.6 billion a year ago.

Third-quarter net income fell 12 percent to P1.74 billion from P1.98 billion.

FDC president and chief executive Josephine Gotianun-Yap said the group saw a steady improvement across businesses as the third-quarter net income improved by 19 percent from the second quarter.

“We are positive that the strong demand coming from the heightened economic activity can sustain the trajectory despite the high inflationary environment we are all in,” said Gotianun-Yap.

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The group’s banking unit accounted for 42 percent of total net income in the nine-month period, contributing P3 billion.

This was followed by the property business, composed of the real estate and hospitality segments, which posted a combined P2.2 billion or 31 percent.

Its real estate segment, consisting of residential business and leasing operations, registered total revenues of P15,12 billion, up 9.7 percent year-on-year.

The residential segment posted a 10.4-percent growth in revenues to P9.3 billion, while the leasing business grew by 10.7 percent to P5 billion on higher occupancy in malls and retail establishments.

The power subsidiary contributed P1.7 billion in net income, an increase of 11.7 percent from a year ago.

Hotel operations under Filinvest Hospitality Corp. also saw a 70-percent increase in revenues to P1.3 billion in the first nine months amid the easing of travel restrictions.           

Average room rates increased across the six properties, while occupancy rates were higher for Crimson Boracay and Quest in Cebu and Tagaytay.

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