FILINVEST Development Corp. (FDC) said on Thursday its attributable net income fell 6.1 percent to P10.8 billion in the first nine months from P11.5 billion a year earlier, even as its banking and power businesses lifted group revenues.
The Gotianun-led conglomerate posted a consolidated net income of P13.3 billion. Total revenues and other income rose 10 percent to P99 billion, led by banking, the group’s largest revenue source.
Banking revenues climbed 16 percent to P51.4 billion. EastWest Bank, FDC’s banking subsidiary, posted stand-alone net income of P5 billion. Its net interest income grew by 22 percent to P36.2 billion, while non-interest income increased to P5.8 billion.
Pre-provision operating profit spiked 24 percent to P22.4 billion as revenues grew faster than expenses. Consumer loans accounted for 85 percent of the bank’s loan portfolio.
Real estate revenues held steady at P23.6 billion. Residential sales contributed P15.4 billion, supported by demand for ready-for-occupancy units and more project completions. Mall and rental revenues were stable as occupancy and foot traffic edged up.
FDC Utilities Inc. recorded an 8-percent increase in revenues and other income to P14.8 billion, helped by favorable prices in the Wholesale Electricity Spot Market. Hospitality revenues inched up by 2 percent to P3 billion, supported by higher food and beverage sales.
FDC President and CEO Rhoda Huang said the group’s diversified businesses helped support results in a difficult economy. At the end of September, FDC had P937 billion in assets and a debt-to-equity ratio of 0.59 to 1.
