Filinvest Development Nets P2 Billion In Q3

Gotianun family-led Filinvest Development Corporation (FDC) reported a net income attributable to equity holders of the parent company of P2.0 billion in the third quarter of 2021, 22 percent higher than the previous year’s P1.6 billion during the same period.

Photo Insert: A Filinvest development project

This brings net income attributable to equity holders of the parent company in the first nine months of 2021 to P6.2 billion from P8.8 billion in the same period last year, while consolidated net income was recorded at P8.5 billion.

Banking accounted for half or 50 percent of FDC’s bottom line in the nine-month period, delivering a net income contribution to the group of P5.1 billion. This was followed by the property business, composed of the real estate and hospitality segments, which posted a combined P3.1 billion or 31 percent of total.

The power subsidiary contributed P1.4 billion in net income or 15 percent of total, while the balance of 4 percent came from other businesses.

For the third quarter alone, the dip in revenues and other income was lower at 4 percent to P16.1 billion brought about by improvements in the property and power businesses. Revenues and other income for the first nine months of the year reached P48.0 billion.

The company’s balance sheet remained healthy at the end of September 2021. Total assets were at Php657 billion. Debt-to-equity stood at 0.84:1, providing FDC with adequate resources to pursue growth opportunities

“We are pleased with the recovery of most of our business units in the third quarter despite the enforcement of stricter quarantine measures in the National Capital Region and nearby provinces last August. We are positive that the improving trajectory will be sustained with the reopening of the economy. The increased mobility that we are starting to see is quite encouraging,” said FDC President and CEO Josephine Gotianun-Yap.

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