“Beyond financial and scenario planning, FDC and its subsidiaries answered the pandemic with clear protocols to safeguard the health and safety of the Filinvest family. We responded quickly to address our customers’ needs and provided financial relief such as rental waivers, deferment or loan term extensions during the ECQ period. These have impacted on our results for the first quarter,” she added.
On the other hand, the ECQ took a heavy toll on FDC’s real estate business, composed of listed subsidiary, Filinvest Land Inc. , and Filinvest Alabang Inc. . Sale of lots, condominium and residential units declined by 40 percent to P3.4 billion in the first quarter, while net income contribution to the group fell by 26 percent to P1.5 billion. This was largely due to the lower sales take-up in 2019 and delays in the completion of projects brought about by the construction halt in mid-March.
Power subsidiary, FDC Utilities, Inc. , reported a 5-percent decline in first quarter revenues to P2.2 billion, bringing net income to P511 million, as demand from its customers contracted in the latter part of March due the imposition of the ECQ.
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