File photo: Filinvest Alabang

MANILA, Philippines — Gotianun family-led Filinvest Development Corp. (FDC) booked a 25-percent surge in its first-quarter earnings to P3.6 billion as it registered improvement across all its businesses.

Total revenues in the January to March period rose by 11 percent to P29.3 billion, driven by double-digit growth in its banking, power, real estate, hospitality and sugar units.

“We look forward to sustaining this momentum for the remainder of the year despite emerging challenges in some business segments,” FDC president and CEO Rhoda Huang said in a statement on Thursday.

Broken down, EastWest Bank grew its net income by 13 percent to P9.3 billion, led by consumer lending, which accounted for 84 percent of the bank’s total loan book.

Power subsidiary FDC Utilities Inc. ended the quarter with a net income contribution of P1.2 billion, representing a 20-percent increase.

Although revenues declined by 7.4 percent to P5 billion because of lower average prices and volume sold, these were offset by reduced costs and expenses, FDC said.

Meanwhile, real estate under Filinvest Land Inc., Filinvest Alabang and Filinvest REIT Corp. saw a 15.5-percent growth in bottom line to P813.5 million, buoyed by the residential and retail segments.

Filinvest Hospitality Corp. expanded its revenues by 17.8 percent to P1.1 billion on higher room revenues and occupancy.

The sugar business contributed P580.7 million to the group’s total earnings, up by 19.7 percent due to higher milling and raw sugar sales.