GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) posted a 28% improvement in its net income in the third quarter as its business segments posted higher revenues.
The listed firm said in a regulatory filing on Wednesday that its July-to-September profit attributable to equity holders of the parent company climbed to P1.99 billion from P1.55 billion in the same period last year.
FDC’s total revenues and other income in the third quarter rose 22% to P22.08 billion from P18.08 billion a year ago.
For the nine months through September, FDC’s attributable net income rose 57% to P5.9 billion from P3.8 billion a year ago.
The company’s total revenues and other income rose 26% to P64.6 billion compared with P51.1 billion last year.
“The increases reflected mainly the continued recovery of the businesses over prior periods which were adversely affected by the COVID-19 pandemic,” FDC said.
“The level of total revenues and other income of the conglomerate in the first nine months of 2023 already surpassed the amount generated before the pandemic of P63 billion in the first nine months of 2019,” it added.
FDC’s East West Banking Corp. posted a 33% increase in revenues led by higher interest income and the build-up of high-yielding fixed-income securities. As a result, the bank’s net income rose 59% to P4.7 billion.
Real estate saw a 22% increase in net income as overall revenues rose 15% carried by the growth of residential and mall revenues. The residential segment was boosted by the improvement in housing and medium-rise condo projects while mall leasing saw growth due to higher shopper traffic and the normalization of rental rates.
The net income of FDC’s power segment rose 1% as revenues increased 19% led by higher electricity prices.
FDC’s hospitality segment posted a 53% increase in revenues on the back of higher occupancy rates and average room rates for hotel properties with the continued recovery of travel and tourism.
“We are pleased to report the strong performance of our portfolio with an impressive broad-based growth in revenues and profit across all our business segments in banking, real estate, hotels, power, and sugar despite the challenges of high interest and inflation rates,” FDC President and Chief Executive Officer Chiqui A. Huang said.
“With enhanced business strategies and execution, and a resilient organization, we look forward to sustaining, if not accelerating, our growth in 2024 and the years ahead,” she added.
FDC’s subsidiaries include Filinvest Land, Inc., EastWest, and FDC Utilities, Inc. — Revin Mikhael D. Ochave