GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) saw net income for the first three months of the year grow 18 percent from a year earlier to P2.8 billion on the back of higher income contributions from its property business.

Nearly half, or 46 percent, of its first-quarter revenues came from its property business, which is composed of the real estate and hotel groups, FDC said in a filing on Wednesday.