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Property sales lift Filinvest’s net profit by 3% to P3.68b

[ ] May 2, 2012

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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