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FILINVEST Development Corp. (FDC) told the Philippine Stock Exchange
that it enjoyed a three-digit surge in first-quarter profits as
revenues across its units, especially its real-estate operations,
climbed higher.
The Gotianum-led company said its regular net
income at end-March jumped 192 percent to P554 million from a year
ago. This includes the P2.2-billion extraordinary gain from the
changes in equity interest in subsidiary Filinvest Land Inc (FLI)
after its primary and secondary offerings last year. Net revenues
for the period rose 27.7 percent to P1.88 billion.
Real-estate operations under FLI and Filinvest
Alabang Inc. (FAI) contributed the biggest revenues at P1.1 billion
while gross sales rose 19 percent due to higher FLI sales. Gross
profit margin improved to 54 percent from last year’s 49 percent
mainly due to higher number of booked lot sales, which has a margin
of 50 to 60 percent.
Mall and rental revenues also went up 10 percent
with the addition of two buildings late last year at Northgate
Cyberzone and new tenants in the Greens and Grills area of Festival
Supermall. Other income declined by P172 million mainly due to
higher amortization of deferred income last year.
FDC’s financial and banking services under
East West Banking Corp. posted a net revenue growth of 63 percent to
P605 million year on year, most of which came from other income as
service charges for loans and securities increased. Interest income
increased by 14 percent, mainly from time loans and credit cards.
The newly acquired sugar business under Pacific
Sugar Holdings Corp. contributed P177 million to total net revenue
while its operating expenses stood at P72 million.
Consolidated assets rose 3.5 percent to P118
billion, while stockholders’ equity and liabilities inched up by
almost 1 percent and 6 percent, respectively, from end-December last
year. Net income applicable to minority interests amounted to P230
million while that for the parent stood at P324 million.
FDC’s debt-to-equity ratio remained at 0.17:1.
-- Likha C. Cuevas-Miel
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