Filinvest Development Corp. (FDC) said profit last year reached P6.1 billion, down 28 percent from P8.5 billion the previous year.
Revenues and other income were lower by 13 percent as the growth posted by the residential and power businesses were offset by the contraction of the banking and commercial leasing units.
Josephine Gotianun-Yap, FDC president, said the group’s financial results were mixed across businesses “resulting from the varying degrees of economic impact caused by the COVID-19 disruptions.”
“We saw higher reservation sales in the residential business, particularly the affordable horizontal segment. However, volumes have not returned to pre- pandemic levels for most of the businesses by the end of 2021,” she said.
EastWest Bank registered profit of P4.3 billion, equivalent to 40 percent of FDC’s bottom line.
Profit under realty business Filinvest Land Inc. and Filinvest Alabang, Inc. was down 18 percent from the previous year’s P6 billion.
FDC Utilities Inc. posted profit of P2.1 billion, up 6 percent from the previous year, on the back of a P9.4 billion revenues, up 12 percent.
