MANILA, Philippines — Conglomerate Filinvest Development Corp. (FDC) booked triple-digit growth in its bottom-line in the first quarter as the company raked in the benefits of a reopened Philippine economy.
In a disclosure sent to the Philippine Stock Exchange on Wednesday, the Gotianun-led conglomerate reported its net income leapfrogged 110% year-on-year to P2.9 billion from January to March.
Total revenues jumped 34% on-year to P20.7 billion in the first quarter.
“We expect to sustain this momentum moving forward given the continuous improvement in business activity in the country despite some macroeconomic headwinds. The consistently high domestic demand driven by strong household consumption should bode well for our businesses that are strongly focused on the middle market,” said FDC president and CEO Josephine Gotianun-Yap.
Costs and expenses grew 27% on-year to P17.3 billion in the first three months.
Disclosure broken down showed its banking and financial services segment, top billed by EastWest Bank, contributed P1.5 billion to the conglomerate’s bottom line.
Eastwest Bank’s net interest income grew 17% on-year to P6.1 billion on the back of growth from its credit cards, auto and salary loan segments amid the Bangko Sentral ng Pilipinas' tight monetary policy.
The conglomerate’s real estate business, composed of Filinvest Land, Inc. and Filinvest Alabang, pitched P1 billion to net income in the first quarter, 10% higher compared to a year ago. This was driven by the 20% growth in mall and rental revenues, as mobility restrictions were relaxed towards the end of 2022.
Its power segment, FDC Utilities, Inc., saw revenues advance 25% on-year to P3.3 billion in the first quarter. Growth came from higher power rates, as fuel costs turned expensive.
The conglomerate’s hotel segment Filinvest Hospitality Corp., posted P685.9 million in the first quarter, rising 2.4x compared to a year ago as tourism activities resurfaced nationwide.
Shares in FDC currently trade 9.23% down at P5.21 apiece as of 1:26 pm on Wednesday. — Ramon Royandoyan