FDC profit rises 10% in Q3

FILINVEST Development Corp. (FDC) reported a 10% increase in profit during the third quarter as it saw double-digit growth in revenues from its residential, hospitality, banking and power businesses and an almost 200% increase in its sugar business.

In a regulatory filing Friday, the Gotianun-led holding company said its attributable net income in the July to September period stood at P2.85 billion, up from P2.59 billion last year.

Total revenues jumped 23% to P18.03 billion, coming mostly from its real estate, banking and power segments.

Sale of lots, condominiums and residential units contributed P5.06 billion (up 17% from last year) while mall and rental revenues added P1.6 billion (up 21%) during the three-month period.

Banking and financial services generated P7.4 billion in revenues to rise 24% from a year ago, as the power segment grew 13% to P2.43 billion and hospitality operations jumped 26% to P784.27 million. Revenues from the sugar business soared 197% to P754.68 million.

However, an 18% increase in total costs and expenses to P16.06 billion during the third quarter tempered the growth in FDC’s bottomline.

Year to date, the company’s attributable net income climbed 16% to P8.98 billion as total revenues grew 17% to P55.26 billion.

Total costs and expenses during the nine months stood at P47.44 billion to rise 16% from last year.

In a statement, FDC President and Chief Executive Officer Josephine Gotianun-Yap said the company expects to sustain its growth momentum approaching the end of 2019.

“We are pleased with the year-to-date performance of the group… We are poised to finish 2019 as strongly with sustained robust business activity in our chosen segments that are focused on the underserved middle market,” she was quoted as saying.

FDC controls Filinvest Land, Inc.; East West Banking Corp.; Filinvest Hospitality Corp.; FDC Utilities, Inc. and Pacific Sugar Holdings Corp., among others.

Shares in FDC at the stock exchange ended flat on Friday at P13.40 each. — Denise A. Valdez