BY RUELLE D. CASTRO
[ Malaya.com.ph ] February 24, 2011
Listed Fil-Estate Land Inc. has reported a loss of P140.87 million for the first quarter of its the fiscal year beginning in October last year, against a P18.51 million profit in the same period the previous year.
The property developer attributed the loss to an increase in financing charges while consolidated revenue was declining.
Consolidated revenue reached P90 million, compared with P153.17 million in the same period the previous year, as sales of real estate and golf club and resort shares dropped 20.12 percent to P39.4 million from P49.42 million.
Income from rents and contract services went up 15.62 percent to P28.13 million from P25.33 million.
The balance of the revenue was contributed by equity in net earnings and other income worth P22.5 million, which fell 71.66 percent from P79.42 million.
The company also reported an increase in its trade and other payables to P2.83 billion from P2.69 billion.
Fil-Estate Land will soon be named Global-Estate Resorts Inc. after the Andrew Tan-led Alliance Global acquired a 60 percent stake in a P5 billion deal.
Alliance Global’s entry was accommodated through a doubling in Fil-Estate’s authorized capital to P10 billion.
The transaction allows Tan to develop the potentially tourism-rich properties of Fil-Estate of more than 1,000 hectares in Tagaytay, Nasugbu in Batangas, and in Boracay.
Alliance Global unit Megaworld Corp. earlier announced that it has partnered Fil-Estate to develop the latter’s 1,149-hectare property in Tagaytay into a world-class tourism-oriented community called Twin Lakes.
Fil-Estate has started the master planning of Twin Lakes, which will offer resort estates with panoramic views of its own lake as well as Taal Lake.
Initial phases of the development will host a luxury hotel, residential villas and condominiums, a shopping village, botanical garden, sports and country club and plantation estates.
The project cost of the initial phases is estimated to exceed P5 billion.
Succeeding phases will offer a golf course, international hotels, boarding schools and a retirement village complete with wellness and medical amenities.