{"id":18776,"date":"2024-05-16T03:01:05","date_gmt":"2024-05-16T03:01:05","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/banking-power-property-boost-fdc-q1-income-to-p2-9b\/"},"modified":"2024-05-16T03:01:05","modified_gmt":"2024-05-16T03:01:05","slug":"banking-power-property-boost-fdc-q1-income-to-p2-9b","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/banking-power-property-boost-fdc-q1-income-to-p2-9b\/","title":{"rendered":"Banking, power, property boost FDC Q1 income to P2.9B"},"content":{"rendered":"
\n

FILINVEST Development Corp. (FDC) saw a 36% rise in its first-quarter (q1) attributable net income, reaching P2.9 billion from last year\u2019s P2.2 billion, driven by gains in the banking, power, and property sectors.<\/p>\n

First-quarter total revenue and other income improved by 28% to P26.4 billion, FDC said in a statement to the local bourse on Wednesday.<\/span><\/p>\n

Costs and expenses surged by 25% to P21.6 billion, it added.<\/p>\n

Banking and financial services took up 36% of the conglomerate\u2019s first-quarter bottom line, followed by its power subsidiary at 29%.<\/span><\/p>\n

The property business, composed of the real estate and hospitality segments, shared 21% of overall profit, while other businesses shared the remaining 14%.<\/p>\n

\u201cWe are pleased with the strong financial results during the first quarter. We will push to maintain the momentum as we strive towards the fulfillment of our long-term goal of sustained growth in earnings,\u201d FDC President and Chief Executive Officer Rhoda A. Huang said.<\/p>\n

For the banking business, East West Banking Corp. recorded a 6% increase in net income contribution to P1.2 billion. Net interest income rose by 34% to P8.2 billion, led by the 19% expansion in lending activities led by credit cards, auto, personal, and salary loans.<\/span><\/p>\n

Consumer lending was the bank\u2019s core product as it took up 81% of the total loan book, pushing net interest margin to 8.1%.<\/p>\n

On the power segment, FDC Utilities, Inc. saw a 65% jump in net income to P1 billion on higher-than-expected energy sales volume and increased operational plant efficiency.<\/p>\n

All units of its 405-megawatt Misamis Oriental plant were fully contracted, facilitated by the energization of the Mindanao-Visayas interconnection project in the second half of 2023.<\/p>\n

For the real estate business, Filinvest Land, Inc. and Filinvest Alabang, Inc. recorded 17% increase in income contribution to P704 million as residential sales jumped by 24% to P3.6 billion.<\/p>\n

The surge in residential sales came from accelerated construction progress of the projects and the strong performance of medium-rise condominiums. Mall and rental revenues improved by 4% to P2 billion led by higher mall occupancy and foot traffic.<\/p>\n

Meanwhile, hotel operations under Filinvest Hospitality Corp. (FHC) contributed P37 million to the conglomerate\u2019s first quarter net income.<\/span><\/p>\n

FDC said that earnings came from the recovery of domestic tourism supported the increase in occupancy and room rates across operating properties such as Crimson in Alabang, Boracay, and Mactan; Quest in Cebu, Clark, and Tagaytay; and Timberland Highlands in Rizal.<\/p>\n

FHC has approximately 1,800 rooms across seven hotels in seven cities and five regions under the Crimson and Quest brands. It also has two 18-hole golf courses situated in Mimosa, Clark.<\/p>\n

For 2024, FDC has earmarked P25 billion as its capital expenditure budget, of which 60% will go to real estate development.<\/p>\n

Another 15% will be used to pursue renewable energy projects, 15% for the expansion of the hospitality business, and the balance for digitalization and other businesses.<\/span><\/p>\n

On Wednesday, FDC stocks dropped by 0.17% or one centavo to P5.79 per share. \u2014 Revin Mikhael D. Ochave<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

FILINVEST Development Corp. (FDC) saw a 36% rise in its first-quarter (q1) attributable net income, reaching P2.9 billion from last year\u2019s P2.2 billion, driven by gains in the banking, power, and property sectors. First-quarter total revenue and other income improved by 28% to P26.4 billion, FDC said in a statement to the local bourse on [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14251,4168,14644,17908,7672,17909,4758,8742],"class_list":["post-18776","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-banking","tag-boost","tag-bworldonline","tag-fdc","tag-income","tag-p2-9b","tag-power","tag-property"],"yoast_head":"\nBanking, power, property boost FDC Q1 income to P2.9B - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/banking-power-property-boost-fdc-q1-income-to-p2-9b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking, power, property boost FDC Q1 income to P2.9B - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"FILINVEST Development Corp. 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