GOTIANUN-LED Filinvest Development Corp. (FDC) on Thursday said it increased its stake in property developer Filinvest Land Inc.
In its disclosure to the Philippine Stock Exchange, FDC said it purchased 1.27 million common shares at P1.75 apiece, or a slight discount from its last traded price of P1.89 per share. It purchased the shares from Invesco Hong Kong Ltd. on June 21.
The shares were equivalent to about 5.24 percent of the property developer, bringing FDC’s shares to about 59.58 percent.
FDC posted a consolidated net income of P3.86 billion in the first quarter of the year, 50 percent higher than last year’s P2.57 billion.
Excluding one-off expenses in the first quarter of 2018, consolidated net income increased by 37 percent, the company said.
The strong performance was on the back of revenue growth of 22 percent to P18.52 billion from P15.76 billion, composed of contributions from its core businesses in property at 43 percent and banking at 42 percent.
The balance was contributed by its power segment at 11 percent and the sugar group at 4 percent.
“FDC believes that property, composed of the real estate and hospitality segments, continues to be a strong source of growth for the group, contributing more than half of FDC’s bottom line,” it said.