In a regulatory filing, FDC said it “is keenly looking at infrastructure and sustainable solutions such as solar energy, water and wastewater projects to expand its current portfolio.”
Funding for the company’s new investments will come from proceeds of its $200 bond offering last September.
FDC president and CEO Josephine Gotianun-Yap said the group’s diversified businesses allowed the conglomerate to survive the challenging environment brought on by the Covid-19 pandemic. Earnings declined by 29% to P8.5 billion last year as revenues and other income contracted by 15% largely due to the higher provisions for bad loans.
Banking arm EastWest Bank accounted for nearly half or 46% of FDC’s total net income for 2020 while the real estate and hospitality businesses pumped in a combined P5.3 billion or 38% of the total. The residential segment was affected by lower sales take-up, completion delays and the grace period granted to homebuyers during the strict lockdown.
Hotel operations under Filinvest Hospitality Corp. saw revenues decline by 63% to P1.2 billion as occupancy resorts under the group’s portfolio remained in operation but on very limited basis due to the travel and mobility restrictions.
Power operations contributed 14% or P1.9 billion while the balance of 2% came from other businesses.
“The results underscore our belief that the company stands on solid foundations and strong business fundamentals and that we can weather the challenges posed by this crisis,” said