FILINVEST Development Corp. (FDC), the holding firm of businesses led by the Gotianun family, said its net income rose 21 percent last year to P10.3 billion, from the previous P8.47 billion, on higher earnings of its banking and property units.
Revenues grew 15 percent to P67.6 billion, from the P58.6 billion registered in 2016. Some 42 percent of the revenues came from its banking unit, 40 percent from its property segment, 15 percent from power and 3 percent from sugar.
Banking subsidiary EastWest Bank’s net income surged to P5.1 billion in 2017, 48 percent higher than the P3.4 billion booked in 2016. The increase, however, was slower than the 70-percent rise in 2016.
Property developer Filinvest Land Inc. ended the year with a 9-percent growth in net income to P5.8 billion, on the back of a record P20.3 billion in revenues, due to a major expansion of its retail property portfolio and the continued demand for its retail and office spaces.
The hotel group continues to build its portfolio under the Crimson and Quest brands, the company said. It has taken over the management of the Mimosa estate’s existing facilities.
These have been rebranded as Quest Plus Hotel and Conference Center-Clark and Mimosa Golf-Clark. The hotel group also added Crimson Resort and Spa in Boracay in its portfolion.
This year it will open Quest Hotel in Tagaytay, beside FLI’s Fora Mall, right at the Tagaytay Rotonda. It currently has eight hotels in the planning and construction stage, the company said.
FLI has a joint venture with the Bases Conversion and Development Authority to develop 288 hectares of Clark Green City into a mixed-use township with an industrial-park anchor.
FDC and FLI together have a joint venture with the Clark Development Corp. that will redevelop the 203-hectare Filinvest Mimosa into an integrated leisure township. The area’s first office building, Cyberzone Mimosa 1, is expected to be turned over.
“We look forward to being part of development in Central Luzon, which we have identified as one of the major growth hubs in the country,” FDC President and CEO Josephine Gotianun-Yap said.
FDC Utilities Inc., meanwhile, delivered 32 percent more revenues in 2017, as the group’s flagship clean-coal facility in Misamis Oriental marked its first full year of commercial operations.
“We are happy to support Mindanao’s growth through our power plant and look forward to serving more people in 2018,” Yap said.
The plant has been delivering power to Mindanao since the last quarter of 2016.