FILINVEST ends Q1 with P2.9B

Business.
Business.(Business File photo)

FILINVEST Development Corp. (FDC) reported a growth of 36 percent in net income attributable to equity holders of the parent company of P2.9 billion in the first quarter of 2024 from P2.2 billion in the same period last year, while consolidated net income rose by 27 percent to P3.7 billion.

The growth was achieved on the back of strong contributions from the banking, power and property businesses.

Total revenues and other income rose by 28 percent to P26.4 billion, faster than the increase in costs and expenses of 25 percent to P21.6 billion.

The banking and financial services accounted for 36 percent of FDC’s bottom line in the first quarter of 2024, contributing a net income of P1.2 billion to the group. This was followed by the power subsidiary that contributed P1 billion in net income or 29 percent of the total.

The property business, composed of the real estate and hospitality segments, posted a combined P741 million or 21 percent of the total, while the balance of 14 percent came from other businesses. / PR

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