Posted May 2nd, 2012 by Jenniffer B.
Austria & filed under Business.
Filinvest Development Corp., the
listed holding company of tycoon Andrew Gotianun, reported a P3.68-billion net
income in 2011, up by 3.3 percent from P3.56 billion recorded the previous
year.
FDC said in a financial report filed with
the stock exchange consolidated revenues increased 10 percent to P24.13 billion
in 2011 from P21.91 billion in 2010. The conglomerate has investments in
banking, real estate, sugar and power generation.
The group’s real estate operations
contributed P12.1 billion to total revenues last year, which was 17.5 percent
higher than a year ago. Real estate operations receive a boost from higher
sales of lots, condominium units and residential units as well as increased
mall and rental revenues.
The company’s financial and banking
services unit, East West Banking Corp., also posted revenues of P9.1 billion in
2011, slightly higher than the 2010 level of P8.98 billion while sales from
sugar operations declined 6.0 percent to P2.2 billion from P2.4 billion.
The company, in a bid to take
advantage of the growth in Philippine tourism, has recently ventured into hotel
properties. The company’s maiden hotel investment is the 290-room Crimson
Resort and Spa in Mactan, Cebu.
(Published in the Manila Standard
Today newspaper on /2012/May/02)
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