Gotianun-led holding company Filinvest Development Corp. booked lower profit in 2022 due to the absence of pandemic-era tax benefits while revenues rose as most business units recovered. | miguelrcamusINQ /PDI
The family’s flagship banking, property, and power conglomerate said net income last year was lower by 6.6 percent to P5.7 billion compared to the level in the previous year, a stock exchange filing showed.FDC said this was mainly due to a one-time tax benefit arising from the Corporate Recovery and Tax Incentives for Enterprises Act in 2021.
“We are pleased with the steady recovery and improvement of each of our businesses towards last year’s second half. This gives us confidence that the trend will continue in 2023 with the support of a healthy macroeconomic environment,” she added.In the filing, it said banking and financial services accounted for 42 percent of profits. This was followed by real estate and hospitality segments , power , and other businesses .
FDC Utilities registered a net income of P2.2 billion, a growth of 6 percent from the previous year, while revenues climbed 37 percent to P12.9 billion.FDC Utilities is also involved in the solar power segment through a venture with global energy group Engie Services.