Gotianun family-led Filinvest Development Corporation (FDC) reported a net income attributable to equity holders of the parent company of P8.9 billion in the first nine months of 2020, growing by 3 percent from the P8.6 billion in the same period last year, while consolidated net income was recorded at P11.3 billion, slightly dropping by 1 percent.
The net income growth that FDC continued to demonstrate amidst the COVID-19 pandemic disruptions was brought about largely by the higher revenue contribution from its banking subsidiary combined with lower direct costs.
Cost control measures, particularly the decline in direct costs by 36 percent to P15.6 billion, offset the 9 percent drop total revenues and other income to P57.1 billion and the 18 percent increase in operating expenses to P28.8 billion in the first nine months of 2020. Read more…..
Chart of the Day
Jeff Bezos, Chairman and CEO of Amazon, (and richest man in the world) is a guest at the George W. Bush Presidential Center’s Forum on Leadership. He talks about the principles he follows to keep Amazon, and individuals, at the top.