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Filinvest Land pays off P500-million debt

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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