Filinvest Development Corp., the holding company of the Gotianun family, saw its first semester net income dive by 47 percent to P2.23 billion as earnings contributions from its real estate and banking operations declined.
Revenues, however, rose eight percent to P33.07 billion.
FDC said core revenues registered a year-on-year growth of 11.2 percent to P30.81 billion, largely driven by its real estate, hospitality, power and utility business, and power and utility businesses.
Other income, meanwhile, decreased by 45.7 percent due to higher trading gains recorded in previous year by the banking and financial services.
The group’s real estate segment, consisting of residential business and leasing operations, reported a 19 percent drop in net income to P1.77 billion.
The banking and financial segment also saw a slowdown, posting a 60.6 percent decline in earnings to P1.46 billion.
Meanwhile, the power and utility business chipped in P1.07 billion, up 11.6 percent year-on-year.
Net income from the sugar segment was up 4.7 percent to ₱310.4 million.