Filinvest Development earnings drop 9 pct in H1

Posted at 08/13/14 3:25 PM

MANILA, Philippines - Filinvest Development Corp., holding company of the Gotianun family, reported its net income dropped by 9 percent to P2.9 billion in the first six months of the year, due to lower profits from its banking unit.

In a statement, FDC said revenues reached P19 billion in the January to June period, up from P18.1 billion a year ago.

Nearly half of the revenues (45 percent) came from real estate subsidiary Filinvest Land, which reported its core business jumped 26 percent to P7.2 billion. FLI saw robust sales from its horizontal housing and medium rise projects, as well as high-rise buildings.

FLI's net income rose 15 percent to P2 billion in the first half.

On the other hand, EastWest Bank reported its net income fell by 18 percent year-on-year to P1 billion, due to lower trading gains and miscellaneous income, as well as higher income taxes.

Banking represented 41 percent of FDC's total revenues, while sugar and hotels accounted for 11 percent and 3 percent of revenues respectively.