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Monday, April 14, 2014

Property, banking units lift Filinvest Group's 2013 earnings

Real estate and banking businesses lifted the earnings of Filinvest Development Corp (FDC) last year.

In a statement, the holding firm of the Gotianun family reported a 12 percent increase in consolidated net income to P6.5 billion last year from P5.8 billion in 2012.

Consolidated revenues jumped 17 percent to P34.8 billion from P29.8 billion in the prior year.

Property and financial services contributed 47 percent and 42 percent, respectively, to FDC’s revenues. Sugar operations accounted for eight percent while hotel operations contributed three percent.

“We look forward to improved performance in the group not only because of the strength of our real estate and banking businesses but also because we are optimistic about the prospects of our other operations,” said FDC president and chief executive officer Josephine Gotianun-Yap.

"Construction of our 405 megawatt power plant in Mindanao is in full swing and expected to be the third major leg of the group by 2016. The FDC strategy is to employ our business experience and strength to nurture these nascent operations to help them become full contributors to the group,” Yap added.

Filinvest Land Inc's net income climbed 14 percent to P4 billion last year from P3.5 billion in 2012 on higher real estate sales and revenues from mall and rental operations.

Net income of East West Banking Corp went up 13 percent to P2.1 billion from P1.8 billion over the same period as a result of double-digit growth in consumer lending and corporate loans and core businesses.

Sugar sales and other income advanced 12 percent to P2.8 billion from P2.5 billion in 2012 due to increased capacity as a result of investments in efficiency improvements.

Hotel revenues and other income increased by 40 percent to P1 billion because of higher occupancy and room rates in Crimson Mactan as well as the addition of Crimson Alabang, which was launched in March last year.

Source: Interaksyon

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