The Market Monitor Minding the Nation's Business
Filinvest Development Corp. (FDC) reported a net income of P7 billion last year, which was a solid 13 percent growth from the previous year.
Revenues reached P49.3 billion with the real-estate segment contributing 43 percent mainly from sales of Filinvest Land Inc. (FLI) and Filinvest Alabang Inc. EastWest Bank contributed 37 percnt of revenues.
The bank’s branch-stores expanded from 265 in 2011 to 433 at end-2015. FDC Utilities Inc. (FDCUI) contributed 13 percent in revenues.
FDCUI recognized revenues from its Independent Power Producer Administrator contracts for 40 megawatts (MW) of power from Unified Leyte and 100MW from Apo 1 and 2 geothermal power plants. FDC derived revenues also from its sugar and hotel businesses.
FDC President and CEO Josephine Gotianun-Yap reported at the annual stockholders’ meeting last April 29 that Mindanao region will experience accelerated growth resulting from the commissioning this year of FDC’s three generating power units with combined capacities of total 405 MW.
She said the company has been focused on growing its portfolio in growth areas of the economy and the last three years have been a period for major investments.
These are the branch-store expansions of East West Banking Corp. (EastWest), the increase in gross leasable are of FLI doubling from 2009 level, and the commissioning in 2016 of all 3 boiler units in 135 MW coal power plants situated in Misamis Oriental.
“These investing activities are all reasons why the net income, albeit growing steadily, has not kept pace with the increase in revenues. Full year revenues from these investments will be felt in the succeeding years,” Gotianun-Yap said.
FDC total assets valued at P419.5 billion at end-2015 or 22 percent higher over 2014. Stockholders’ equity at year-end was P97.1 billion or eight percent over the previous year.
FDC debt-to-equity ratio posted 1.04:1 and with net debt-to-equity ratio of 0.48:1. The company declared dividends to be paid out in the amount of 5.16 centavos per share, for a total payout of P481 million equivalent to a payout rate of 11 percent. RIZA LOZADA