Filinvest Development Corp. said Tuesday net income attributable to equity holders of the parent company reached P2 billion in the third quarter, up 22 percent from P1.6 billion it registered in the same period last year despite a decline in revenues.
FDC said in a disclosure to the stock exchange third-quarter sales declined by 4 percent as the lower revenues from banking and malls businesses offset the higher revenues from real estate, sugar and power businesses.
This brought net income attributable to equity holders of the parent company to P6.2 billion in the first nine months, down 29.5 percent from P8.8 billion in the same period last year.
Banking accounted for half or 50 percent of FDC’s bottom line in the nine-month period, delivering a net income contribution to the group of P5.1 billion.
This was followed by the property business, composed of the real estate and hospitality segments, which posted a combined P3.1 billion or 31 percent of total. The power subsidiary contributed P1.4 billion in net income or 15 percent of total, while the balance of 4 percent came from other businesses.
“We are pleased with the recovery of most of our business units in the third quarter despite the enforcement of stricter quarantine measures in the National Capital Region and nearby provinces last August. We are positive that the improving trajectory will be sustained with the reopening of the economy. The increased mobility that we are starting to see is quite encouraging,” said FDC president and chief executive Josephine Gotianun-Yap.
East West Banking Corp. delivered a net income contribution to the group of P5.1 billion in the first nine months, 13 percent lower than the P5.8 billon in the same period last year, on lower loan revenues and trading gains.
FDC’s real estate business contributed P3.8 billion in net income to the group in the first nine months, down by 27 percent from the same period last year.
The residential business posted 16-percent increase in sales to P8.4 billion, but rental revenues continued to bear the negative impact of the pandemic with limited operations especially during the reimposition of mobility restrictions in August.
FDC Utilities Inc. registered a net income of P1.4 billion in the first nine months, a 17-percent decline from the same period in 2020 as revenues were flat at P6.4 billion.
The conglomerate’s hotel business registered a 22-percent decline in revenues to P769 million as operations were also affected by the pandemic.