Posted on
December 11, 2012 10:26:45 PM [ BusinessWorld Online ]
LISTED
Filinvest Land, Inc. has fully paid off P500 million worth of fixed-rate bonds
that were issued three years ago and matured last month, the company said in a
disclosure yesterday. “We are pleased to inform you that the
company completed the payment on Nov. 19 of Filinvest Land three-year
fixed-rate bonds (FLI 11-12) in the aggregate amount of P500 million,” the
disclosure read.
“The FLI
11-12 Bonds, which form part of the P5-billion fixed-rate bonds that were
issued by the company in November 19, 2009, matured in November 19, 2012 and
were paid the same day through our paying agent, the Philippine Depository
& Trust Corp.,” it added.
In 2009,
Filinvest Land issued fixed-rate retail bonds worth a total of P5 billion,
consisting of P500-million three-year fixed-rate bonds due November 2012 and
P4.5-billion five-year fixed-rate bonds due November 2014, the company’s 2010
annual report showed. Proceeds from the bond issuance were allotted for
Filinvest Land’s “general corporate purposes.”
The
three-year and five-year bonds carried fixed interest rates of 7.5269% and
8.4615% per annum, respectively, both payable quarterly beginning February
2010.
Filinvest
Land, formerly known as Citation Homes, Inc., was incorporated in 1989 to
engage in real estate development.
As of
end-2011, the company held a 2,288-hectare land bank, 84% of which was located
in areas of Mega Manila, the Cavite-Laguna-Batangas-Rizal-Quezon region, and
Bulacan.
For this
year, Filinvest Land had said it would launch 14 projects with 12,100 units,
40% of which was to be in socialized housing, versus 11 projects with 6,500
units launched last year.
The company
grew its net income grow by 18.68% to P1.97 billion as of September from P1.66
billion in the same nine months last year, fueled by a double-digit surge in
real estate sales. In the same comparative periods, revenues climbed 22.17% to
P7.55 billion from P6.18 billion, while costs and operating expenses expanded
by 23.15% to P5.16 billion from P4.19 billion.
Filinvest
Land shares rose by one centavo or 0.64% to P1.57 apiece yesterday from P1.56
last Monday. -- F. J. G. de la Fuente
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