Filinvest Development Corp., the listed holding company of the Gotianun family, said over the weekend nine-month net income climbed 3 percent to P8.9 billion from P8.6 billion in the same period last year, boosted by the robust performance of banking and power generation businesses.
FDC said in a statement while nine-month revenues declined 9 percent to P28.8 billion, they were offset by the 36-percent drop in expenses to P15.6 billion as the company implemented cost containment measures.
“We are pleased with the strength and resilience of the Filinvest Group. Our banking and sugar businesses covered the gap caused by the hospitality and real estate businesses which are the most affected by the pandemic-related government restrictions,” said FDC president and chief executive Lourdes Josephine Yap.
“Overall, we are confident that our balanced portfolio can withstand the current crisis and we are prepared to take advantage of opportunities when the current situation turns around,” Yap said.