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Filinvest clears P1.2-billion in 1st qtr

By Zinnia B. Dela Peña (The Philippine Star) Updated May 21, 2012 12:00 AM

MANILA, Philippines - Gotianun-led Filinvest Development Corp. posted a net income of P1.21 billion in the first quarter of the year, up 6.14 percent from the previous level.

Total consolidated revenues grew 41 percent to P6.49 billion, 51 percent of which or P3.27 billion came from the real estate segment.

The financial services unit contributed P2.67 billion or 41 percent while sugar operations chipped in P400 million. Hotel operations, on the other hand, pumped in P154 million.

Real estate sales expanded by 41 percent to P2.42 billion on higher sales of middle-income projects consisting of newly-launched medium-rise buildings and high-rise buildings and increase in sales of Filinvest Corporate City lots.

Mall and rental revenues, on the other hand, rose 12 percent to P466 million, driven by higher occupancy rate and the opening of another office building -Vector 2 in January 2012.

East West Banking Corp. reported a four percent rise in net income to P460 million as total interest and other income increased by 36 percent to P2.68 billion. Interest income climbed 23 percent to P1.83 billion due to 20 percent growth in loans to customers in both corporate and consumer business.

As of end-March this year, EWBC’s total branch network reached 144 while the total number of ATMs deployed was 144, an increase of 15 ATMs from December 31, 2011, in both onsite and offsite locations.

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