Filinvest Development Corp. recorded a profit of P8.5 billion in 2020, down 29 percent from P12 billion in 2019.
Revenues reached P72 billion, down 15 percent from P84.3 billion.
“2020 was a particularly difficult year for many enterprises,” said FDC in a statement.
Its lending business EastWest Bank posted a net income contribution of P6.4 billion to the group, equivalent to 46 percent of FDC’s bottom line. Filinvest Land Inc., group’s real estate business posted a P5.3 billion income contribution, equivalent to 38 percent of total.
“The power subsidiary contributed P1.9 billion in net income or 14 percent of total, while the balance of 2 percent came from other businesses,” the company said.
FDC closed the period with debt-to-equity ratio of 0.96:1 while net debt-to-equity was at 0.32:1.
