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Filinvest H1 profit up 26% to P2.39 billion

By Zinnia B. Dela Peña (The Philippine Star) Updated August 22, 2011 12:00 AM 

MANILA, Philippines - Gotianun-led holding firm Filinvest Development Corp. (FDC) reported a 26-percent jump in its first half net income to P2.39 billion on robust real estate revenues.

In a financial report submitted to securities regulators, FDC said total revenues, inclusive of other income, grew 21 percent from P8.71 billion to P10.58 billion.

The real estate segment contributed revenues of P5.62 billion or 53 percent of total, while finance and banking services pumped in P4.15 billion, accounting for 39 percent. Sugar operations and the newly launched hotel operations plunked in P568 million (six percent) and P234 million (two percent), respectively.

Filinvest Land posted a consolidated net income of P1.28 billion, 28 percent higher than the previous level of P998 million.

Total revenues from real estate and leasing segments grew 30 percent to P3.73 billion. Filinvest Alabang likewise reported a 27-percent growth in net profit to P351 million on rising revenues due to higher lot sales in

Filinvest Corporate City as well as increased revenue from the sales of residential units from the La Vie Flats, Studio 1 and Studio 2 high-rise projects.

Net earnings of banking unit East West Banking Corp. went up by three percent to P884 million from P858 million. Revenues and other income inched up three percent to P4.15 billion while interest income increased six percent, which offset the three percent decline in other income caused by lower trading gains.

The improvement in interest income was due to the 14 percent rise in the consumer lending business which saw consumer loan volume increase to P22 billion.

Due to management’s move towards a more deliberate selling program in light of the prevailing market volatility, sugar revenues and other income fell 29 percent to P567.7 million. As a result, sugar production likewise declined to 1.1 million bags from 1.4 million bags.

Meanwhile, the Crimson Resort and Spa at Seascapes Resort Town in Cebu, which started formal operations in October 2010, contributed P234 million to FDC’s total revenues and other income. Since its inception, the Crimson Resort has achieved a 57 percent occupancy rate.
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