Metro Manila (CNN Philippines, April 7) — Filinvest Development Corp. reported lower earnings in 2021 amid mixed performances from its segments, it said Thursday.
In a disclosure to the local bourse, the Gotianun-led conglomerate stated a net income of ₱6.1 billion attributable to parent firm equity holders. This is 28% lower than the ₱8.5 billion posted in 2020.
“Revenues and other income were lower by 13 percent as the growth posted by the residential and power businesses were offset by the contraction of the banking and commercial leasing units,” said FDC.
EastWest Bank contributed a net income of ₱4.3 billion last year, 32% lower year-on-year following lower loan revenues and trading gains.
Filinvest Land Inc. and Filinvest Alabang Inc., which comprise FDC’s real estate arm, accounted for ₱4.9 billion of the group’s overall income. The 18% drop mainly came from the high base in 2020, which included a ₱2.4-billion income recognition by FAI connected to a joint development in a Filinvest City prime property according to FDC.
FDC also reported that revenues of Filinvest Hospitality Corp. steadied at ₱1.2 billion, noting its hotel operations segment was still the “most affected” by COVID-19 amid varying degrees of travel rules coupled with social distancing guidelines.
Meanwhile, power subsidiary FDC Utilities Inc. saw earnings grow by 6% to ₱2.1 billion in 2021 amid a 12% growth in revenues.
FDC president and chief executive officer Josephine Gotianun-Yap acknowledged the “mixed” financial results among their businesses, noting most of them haven’t seen volumes return to pre-pandemic levels by end-2021.
“Now that the economy has opened up and mobility restrictions have been lifted, we are looking forward to regain lost ground especially in banking, commercial leasing and hospitality,” she added.
Shares of FDC finished at ₱6.93 apiece on Thursday, down 0.14% from yesterday’s close.
