Revenues and other income also jumped 30 percent to P55.5 billion, with notable growth in power (75 percent) and hospitality (49 percent). In the second quarter alone, net income grew by 46 percent, reaching P2.6 billion.
Filinvest Development owns EastWest Bank, Filinvest Land, hotels, power plants, and is part of the consortium that operates the Clark International Airport in Pampanga province.
Management’s view
“FDC’s strong performance in the first half of 2024 was broad-based, led by banking, power, and real estate,” Rhoda Huang, president and CEO of FDC, said in a statement.
“We look forward to sustaining our robust growth as we keep honing our strategies and operations, and as we implement important capital investments for long-term growth,” she added.
Banking is top contributor
EastWest Bank’s 22 percent increase in consumer loans led to a 28 percent rise in net interest income, pushing the net interest margin to 8.1 percent.
Power, real estate
FDC Utilities, Inc. saw a 75 percent surge in revenues due to higher energy sales from its 405-MW plant in Misamis Oriental, boosted by the Mindanao-Visayas interconnection.
Filinvest’s real estate business achieved an 18 percent revenue increase, driven by stronger residential sales and improved mall rentals.
Hotels
Filinvest Hospitality Corporation’s revenues grew by 49 percent, fueled by a resurgence in domestic tourism and higher occupancy rates across its hotel brands.
During the period, the company experienced increased room occupancy and rates across its brands—Crimson, Quest, and Timberland Highlands—which encompass seven hotels with 1,800 rooms and two 18-hole golf courses located in Filinvest Mimosa Plus Leisure City in Clark, Pampanga.
