<\/p>\n
FILINVEST Development Corp. (FDC) posted an 8% increase in first-quarter attributable net income to P3.9 billion from a yr earlier, driven mainly by stronger performance in its real estate business.<\/span><\/p>\n Consolidated net income rose 7% to P4.8 billion in January to March, the corporate said in a disclosure on Thursday. Revenue and other income increased 5% to P30.8 billion.<\/p>\n Revenue and other income from the banking segment rose 12% to P15.6 billion, while real estate grew 16% to P7.9 billion. Hospitality was broadly flat at P1.2 billion, while the facility business declined 28% to P3.6 billion.<\/p>\n \u201cBusiness results were mixed: real estate and hospitality showed resilience against macroeconomic pressure while for others, profits were flat or experienced decreases versus a yr ago,\u201d FDC President and Chief Executive Officer Rhoda A. Huang said.<\/p>\n She said the group is working to sustain growth this yr despite inflation and weaker economic expansion through tighter execution of its strategies.<\/p>\n The property segment remained the largest contributor, accounting for P1.6 billion or 36% of total net income, followed by banking at P1.4 billion or 32%, power at P957 million or 21% and sugar at P481 million or 11%.<\/p>\n Banking unit East West Banking Corp. posted stronger results on higher loan volumes and lower funding costs, with net interest income rising 20% to P11.1 billion.<\/p>\n Real estate revenue growth was driven by stronger residential and business lot sales. Residential sales rose 28% on higher demand for ready-for-occupancy units and improved project completion rates, while mall and rental income remained regular on barely higher occupancy and foot traffic.<\/p>\n The property group includes Filinvest Land, Inc., Filinvest Alabang, Inc. and Filinvest REIT Corp.<\/p>\n Filinvest Hospitality Corp. posted flat revenue, as higher room rates and increased food and beverage sales offset weaker performance in other segments.<\/p>\n The facility business, led by FDC Utilities, Inc., reported lower earnings resulting from reduced spot market sales and lower coal cost pass-through rates, partly offset by lower operating costs.<\/p>\n FDC shares closed unchanged at P4.62 each on the local bourse. \u2014 Alexandria Grace C. Magno<\/b><\/p>\n<\/p><\/div>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Filinvest City, Alabang, Muntinlupa \u2014 FILINVESTLAND.COM FILINVEST Development Corp. (FDC) posted an 8% increase in first-quarter attributable net income to P3.9 billion from a yr earlier, driven mainly by stronger performance in its real estate business. Consolidated net income rose 7% to P4.8 billion in January to March, the corporate said in a disclosure on […]<\/p>\n","protected":false},"author":1,"featured_media":335822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[14832,947,12705,19971,4253,6821,8480,1800],"class_list":["post-335821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-climbs","tag-development","tag-estate","tag-filinvest","tag-gains","tag-income","tag-net","tag-real"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/335821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/comments?post=335821"}],"version-history":[{"count":2,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/335821\/revisions"}],"predecessor-version":[{"id":335824,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/335821\/revisions\/335824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media\/335822"}],"wp:attachment":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media?parent=335821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/categories?post=335821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/tags?post=335821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}