FDC first-quarter earnings up by 18%

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Filinvest Development Corp. (FDC) delivered an 18% increase in net income for the first quarter of 2018, driven mainly by its property units and investments in the hospitality and leisure sector.

In a statement issued Wednesday, May 16, the Gotianun-led holding firm said it booked P2.8 billion in earnings in the first three months of the year. The company did not disclose the group’s consolidated revenues, but noted that 46% came from the property unit, 39% from banking, 11% from power, and 4% from sugar.

FDC’s higher share in property revenues was achieved thorugh a 21% growth in the hotel segment. Its unit, Filinvest Hospitality Corp. (FHC), offers a total of 1,591 rooms across four properties carrying the Crimson and Quest brands. — Arra B. Francia