April 06, 2015

Filinvest Development Corp's 2014 net income falls 14% YoY

In a press statement, Filinvest Development Corp said its attributable net income fell 14% YoY to P3.7b last year from P4.3b in 2013. This developed as the 11% topline growth to P38.6b was weighed by higher costs related to expansion. The key earnings driver was its property business which accounted for 48% of revenues. Filinvest Land Inc earlier reported a 16% hike in 2014 net earnings.

However, this was weighed by the flat growth in earnings from the banking operations which accounted for 42% of total revenues. The company is looking at a stronger growth next year as its power subsidiary FDC Utilities should start contributing to revenues. The unit is seen to generate revenues from its 140 MW IPPA contracts with Unified Leyte and Apo Geothermal. It is also looking to commence test runs on the 3x135MW circulating fluidized bed power plant in Misamis Oriental later this year. - WealthSec