Filinvest Development Corp., the holding company of the Gotianun family, reported a 35.8 percent drop in its nine-month profit to P3.97 billion, largely due to lower contributions from the banking business and higher expenses.
Total revenues and other income rose 6.6 percent to P51.14 billion while core revenues went up 12.8 percent. largely driven by the significant increase in revenue contribution of the property segment (inclusive of hospitality) and power and utility operations.
FDC said total other income declined by 34.2 percent due to higher trading gains recorded in previous year by the banking and financial services.
Cost and operating expenses jumped 21.7 percent and 8.4 percent, respectively.
Revenues from the real estate segment, consisting of residential business and leasing operations, went up 9.7 percent to P15.1 billion. The residential business grew revenues b 10.4 percent to ₱9.29 billion due to higher construction percentage of completion.
The leasing business likewise improved by 10.7 percent to ₱4.97 billion primarily due to higher occupancy in mall and retail.
FDC president and CEO Josephine Gotianun-Yap said the company’s businesses have shown improvement quarter-on-quarter and that this trend is expected to continue in the months ahead due to the continued easing of movement restrictions.
“ We are positive that the strong demand coming from the heightened economic activity can sustain the trajectory despite the high inflationary environment we are all in,” Gotianun-Yap said.