Filinvest Development Corp. of the Gotianun family said Thursday net income fell 28 percent in 2021 to P6.1 billion from a year ago on lower contribution from core banking and real estate businesses.
FDC said in a disclosure to the stock exchange consolidated revenues also dropped 13 percent.
“Our financial results in 2021 were mixed across our businesses resulting from the varying degrees of economic impact caused by the COVID-19 disruptions. We saw higher reservation sales in the residential business, particularly the affordable horizontal segment. However, volumes have not returned to pre-pandemic levels for most of the businesses by the end of 2021,” said FDC president and chief executive Josephine Gotianun-Yap.
“Now that the economy has opened up and mobility restrictions have been lifted, we are looking forward to regain lost ground especially in banking, commercial leasing and hospitality,” said Gotianun-Yap.
Banking unit EastWest Bank delivered a net income contribution to the group of P4.3 billion, or equivalent to 40 percent of the total profit. The figure, however, was 32 percent lower than P6.4 billion in 2020, on lower loan revenues and trading gains.
The property business contributed P4.2 billion to group’s net income, down by 18 percent from the previous year of P6 billion. This was largely due to the high base in 2020 brought about by the income recognition amounting to P2.4 billion by FAI in relation to the joint development of a prime property in Filinvest City, Alabang.
Revenues from the residential segment rose 14 percent to P12 billion, driven by the high reservation sales of the affordable and middle-income housing projects and construction progress.
Power subsidiary FDC Utilities Inc. contributed P2.1 billion, up 6 percent from the previous year’s level. Revenues of FDCUI rose 12 percent to P9.4 billion.
FDCUI operates a 405-megawatt clean coal plant in Misamis Oriental. It also has solar energy solutions through a 60:40 joint venture with Engie Services, one of the largest power generators and distributors in the world.
Filinvest Group ventured into water business last year, as it secured a 25-year 80 million liter-per-day bulk water supply project in Cebu.