FDC posts 25% Q1 net profit increase to P3.6 billion

Filinvest Development Corp. (FDC) reported a 25% increase in first-quarter net profit, reaching P3.6 billion, driven by significant growth across all its business segments.

The company's total revenues for the period also saw an 11% rise, amounting to P29.3 billion, fueled by strong performances in banking, power, real estate, hospitality, and sugar operations.

EastWest Bank, a key subsidiary, experienced a 13% jump in net income to P9.3 billion, with consumer lending being the primary driver, making up 84% of its loan portfolio.

FDC Utilities Inc. contributed P1.2 billion to the net income, marking a 20% increase in its earnings.

Despite a 7.4% decrease in revenues for the sugar business due to lower prices and sales volume, FDC managed to offset this with reduced costs and expenses.

The real estate sector, encompassing Filinvest Land Inc., Filinvest Alabang, and Filinvest REIT Corp., achieved a 15.5% growth in net income, totaling P813.5 million, largely due to strong performance in its residential and retail segments.