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Filinvest net income down 19.2% in 9 mos

By Zinnia B. Dela Peña (The Philippine Star) Updated November 21, 2011 12:00

MANILA, Philippines - Filinvest Development Corp., the listed holding firm of the Gotianun family, reported a 19.2 percent drop in its nine-month net income ending September 2011.

In a filing with securities regulators, FDC said net earnings fell to P2.35 billion from P2.91 billion a year ago.

The 2010 profit included the one-time extraordinary gain of P510 million that resulted from remeasurement of previously held interest in connection with the acquisition by Filinvest Land Inc. of Africa-Israel’s 40 percent ownership each in Cyberzone Properties and Filinvest AII Phils.

Total revenues and other income, increased by eight percent to P16.2 billion from P15 billion.

The real estate business contributed revenues of P7.9 billion, 15.33 percent more than the year earlier level or 49 percent of total consolidated revenues. The increase was driven by a 26 percent growth in the sale of commercial lots, condominiums units, residential units and club shares, five percent rise in mall and office rental revenues due to higher occupancy rate and additional leasable office spaces, and 49 percent jump in miscellaneous income and other income generated from installment contracts receivables.

Property arm Filinvest Land Inc. reported a 17 percent rise in net profit during the period under review to P1.66 billion from P1.42 billion.

Revenues from financial and banking services reached P6.79 billion, up four percent year on year.

Sugar operations pitched in P1.18 billion, down 26.7 percent from P1.61 billion.

Meanwhile, the newly launched hotel operations under The Crimson Resort and Spa at Seascapes Resort Town in Cebu, contributed P386 million or two percent of total. Since the start of operations in October, the Crimson Resort has achieved a 61 percent occupancy rate.

As of September 30, 2011, FDC’s total consolidated assets stood at P193.4 billion as against total liabilities of P126.2 billion. 

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