GOTIANUN-LED Filinvest Development Corp. (FDC) reported a 34.2% decline in its attributable net income to P1.47 billion in the second quarter after incurring high operating costs and expenses.
The company’s topline was up by 20.1% to P16.24 billion in the second quarter from the recorded P13.52 billion last year.
FDC’s costs were up by 31.7% in the second quarter to P6.74 billion while its expenses rose by 12.2% to P8.25 billion.
In the first half, FDC’s net income went down by 47% to P2.23 billion from P4.2 billion last year.
Its revenues, however, went up to P30.81 billion, an 11.2% increase from last year’s P27.7 billion.
“Core revenues registered a year-on-year growth of 11.2% […], largely contributed by the core revenue increase in real estate segment, hospitality business and power and utility operations,” the company said in its quarterly report on Monday.
Its subsidiary, Filinvest Land, Inc. (FLI), registered a P526.98-million attributable net income for the three months ended June, 39.3% lower than P868.11 million a year ago.
FLI’s total revenue amounted to P4.67 billion in the second quarter, higher by 16.2% than the P4.02 billion last year.
Its costs from real estate sales went up by 6.3% to P1.79 billion while costs from rental services were up by 20.5% to P687.46 million.
Operating expenses were also up, with selling and marketing expenses amounting to P298.74 million and general and administrative expenses totaling P518.89 million.
Year to date, FLI’s net income slipped to P1.2 billion, 54% lower than year-ago’s P2.62 billion.
On the stock market on Monday, FDC shares went down by 0.99% or P0.07 to P7 apiece while FLI shares ended unchanged at P0.93 apiece. — Justine Irish D. Tabile