Friday, May 16, 2008 [ philstar.com ]
Filinvest Development Corp. (FDC), the listed holding firm of the Gotianun family, reported a 192 percent jump in net profit from January to March this year, mainly driven by higher real estate sales and lease revenues.
In a financial report filed with securities regulators, FDC said net earnings reached P554 million on real estate revenues of P1.1 billion.
Gross sales improved 19 percent with the increase in sales of property unit Filinvest Land Inc. (FLI). Gross profit, on the other hand, rose 54 percent, mainly due to higher number of booked lot sales.
Mall and rental revenues went up 10 percent with the addition of two buildings during the latter part of 2007, Plaza D and 5132 Building at Northgate Cyberzone, while new tenants were added in the Greens and Grills area of Festival Supermall.
Other income declined by P172 million mainly due to the higher amortization of deferred income in 2007.
Operating expenses fell 34 percent largely attributed to the provision for impairment loss booked in 2007.
Financial and banking services net revenue jumped 63 percent to P605 million, mostly coming from other income with the increase in service charges for loans and securities. Interest income rose 14 percent primarily sourced from time loans and credit card.
Its sugar operations, meanwhile, contributed P177 million to total net revenue while its operating expenses stood at P72 million.
As of March 31, 2008, total consolidated assets stood at P118 billion as against total liabilities of P59 billion. Debt-to-equity ratio remained at 0.17:1.
Earnings per share stood at P0.173 while price earnings (PE) ratio was 20.23 times. EPS was higher in 2007 due to recognized one-time gain from dilution of interest in FLI amounting to P2.2 billion.
Consequently, return on net revenue was significantly higher in 2007 at 160 percent compared with 29 percent in 2008.
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