The strong first-quarter showing came from across the board: banking, power, real estate, hospitality, and sugar all contributed to the bottom line.
Total consolidated net income rose to P4.5 billion, with banking unit EastWest Bank leading the charge thanks to a surge in consumer loans and higher net interest margins.
FDC outlook
“We started the year with a strong performance by all business units. We look forward to sustaining this momentum for the remainder of the year despite emerging challenges in some business segments,” said FDC president and CEO Rhoda A. Huang.
Core segments drive growth
Group revenues hit P29.3 billion, up 11 percent, with banking (EastWest Bank)accounting for nearly half of all revenue and driving P1.4 billion in net income.
The power business (FDC Utilities) added P1.2 billion, as lower fuel costs helped offset slower sales during the cooler months.
Real estate (Filinvest Land) and hospitality (Filinvest Hospitality) earned a combined P970 million, supported by stronger residential sales, mall occupancy, and a 21-percent jump in hotel revenue. Sugar operations (Pacific Sugar Holdings) also contributed P580 million to the company’s earnings mix.
Strong balance sheet
FDC ended the quarter with P832 billion in total assets and a manageable debt-to-equity ratio of 0.77, providing room for expansion. The company also rewarded shareholders with a 36-percent increase in dividends per share, declaring P0.14027 per share payable on June 10.
