FDC net income declines nearly 7%

FILINVEST Development Corp. (FDC) on Monday reported a 6.8% decline in its 2022 attributable net income to P5.65 billion despite what It described as a robust topline growth.

In a press release, it said revenues and other income rose by 13% to P71.1 billion, which it said resulted from “a recovery across all the major businesses.”

“Our financial performance in 2022 demonstrates our portfolio’s resilience and strength amidst the various economic headwinds that beset us,” said Lourdes Josephine Gotianun Yap, FDC president and chief operating officer.

“We are pleased with the steady recovery and improvement of each of our businesses toward last year’s second half. This gives us confidence that the trend will continue in 2023 with the support of a healthy macroeconomic environment,” she added.

In the release, the company said provisions for income tax rose by 153% to P2.4 billion after a one-time tax benefit arising from the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE law in 2021.

FDC said its banking and financial services business made up 42% of its bottom line last year as it contributed a net income of P4.4 billion to the Filinvest group.

The real estate and hospitality segments followed with a combined contribution of P3.5 billion or 33% of the total.

The power subsidiary accounted for P2.2 billion of last year’s net income or 21% of the total. The balance of 4% came from other businesses.

On Monday, FDC shares finished unchanged at P5.50 each.