By Leslie D. Venzon
MANILA, Aug. 14 (PNA) — Gotianun-led conglomerate Filinvest Development Corp. (FDC) on Friday said its profit surged by 19 percent in the first semester, driven mainly by real estate and banking businesses.
FDC told the local bourse that its net income reached Php3.5 billion in January to June from Php2.9 billion in the same period last year.
Consolidated revenues and other income also rose 32 percent to Php24.8 billion from Php18.79 billion.
Property subsidiary Filinvest Land Inc. (FLI) continued to expand, posting 12 percent to Php2.32 billion from Php2.01 billion last year.
EastWest Bank, the financial arm of the Filinvest group, saw net interest income grew 22 percent to Php5.8 billion, as a result of the strategic branch store expansion undertaken in the last three years.
“Due to its position as a leading consumer bank, the bank has access to low-cost funds while it is able to address the needs of a growing consumer population,” said Chairman Jonathan T. Gotianun.
“We remain bullish on the Philippine economy and expect that bank’s revenues will continue to rise while efficiencies improve,” he said.
Real estate and banking continued to comprise majority of revenues at 39 percent and 36 percent, respectively.
Power contributed 13 percent, sugar 10 percent and the balance came from the hotel group. (PNA)