MANILA, Philippines — Filinvest Development Corp. (FDC), the listed conglomerate of the Gotianun group, reported a net income of P7.2 billion in the first half of 2020, up 24 percent.

FDC said total revenues and other income declined four percent to P40.6 billion, while operating expenses increased by 23 percent to P19.5 billion.

Direct costs declined by 33 percent to P11.2 billion, thus resulting in the increase of net income during the period.

FDC president and chief executive officer Josephine Yap said the group has learned to adjust amid the lingering uncertainties brought about by the coronavirus disease 2019 or COVID-19 pandemic.

“We are pleased with our robust results in the first half of 2020, but we remain cognizant of the risks of a prolonged quarantine period and are doing measures to mitigate its negative impact,” Yap said.

EastWest Bank, the banking arm, delivered a net income contribution to the group of P4.3 billion in the first half, higher by 60 percent.

Sugar operations, through Pacific Sugar Holdings Corp. (PSHC), contributed P310 million to FDC’s net income, growing 19 percent year on year.

PSHC owns a vertically integrated sugar business, which includes sugar mills and refineries, and in-house corporate sugarcane farming operations in Mindanao.

FDC’s real estate business composed of listed subsidiary Filinvest Land Inc. and Filinvest Alabang Inc. contributed P4.6 billion in net income to the group, up eight percent. This was boosted by income recognition of P2.9 billion of the transaction between FAI and Mitsubishi Corp. in October last year for the joint development of 17,000 square meters of prime land across Festival Mall in Filinvest City, Alabang.