Filinvest coal power plant in Mindanao to start in Q2

MANILA, Philippines - Filinvest Development Corp. will start commissioning the first unit of its 3 x 135 megawatt coal plant in Misamis Oriental in the second quarter.

The move is in line with the Gotianun family’s efforts to strengthen its overall business this year, FDC president and CEO Josephine Gotianun-Yap said.

The commissioning of the remaining two units will follow within the year, she added.

 “With the addition of 405 MW of much needed power to the Mindanao grid, we look forward to partnering with the region in accelerating growth,” Gotianun-Yap said.

Last year, the company generated revenues of P49.38 billion, with the bulk of the amount or 43 percent coming from the real estate business through Filinvest Land Inc. and Filinvest Alabang Inc.

Banking arm Eastwest Bank contributed 37 percent of revenues while FDC Utilities Inc., the group’s power subsidiary, contributed 13 percent.

The balance came from the sugar and hotel businesses.

FDCUI recognized revenues from its independent power producer administrator contracts for 40 MW of power from Unified Leyte and 100 MW of power from Apo 1 and 2 Geothermal Power plants.

In the last three years, Gotianun-Yap said the company has focused on major investments as it amplified its portfolio in growth areas of the economy.

These investments include the branch-store expansion of EastWest, which grew to 433 branches at the end of 2015 from 265 branch stores in 2011; the increase in gross leasable area at FLI, which doubled from 2009 levels and the upcoming commissioning of all three 135 megawatt boilers of FDCUI’s coal power plant in Misamis Oriental in 2016.

“These investing activities are all reasons why the net income albeit growing steadily, has not kept pace with the increase in revenues. Full year revenues from these investment will be felt in the succeeding years,” Gotianun-Yap said.

While delivering solid earnings results, FDC maintained its resilient financial position, ending 2015 with total assets of over P419.5 billion, up 22 percent year on year.

Stockholders’ equity stood at P97.1 billion, eight percent higher than the previous year.