Posted on March 18, 2013 10:59:21 PM
FILINVEST Development Corp., the holding firm of the family of Andrew L. Gotianun, Sr., grew profits last year on improved revenues across all its flagship businesses, according to audited consolidated statements of income attached to the company’s disclosure yesterday.
The Gotianun-led firm posted a full-year net income of P5.787 billion, up 17.79% from P4.913 billion in 2011.
Net income that went to equity holders of the parent company rose by 10.28% to P4.065 billion from P3.686 billion.
Total revenues and other income expanded by 22.86% to P29.649 billion from P24.133 billion, while costs increased by 13.78% to P10.445 billion from P9.180 billion.
Revenues from real estate operations -- under Filinvest Land, Inc. -- consisting of sale of lots, condominiums, residential units, and club shares, as well as mall and rental revenues, went up by 22.34% to P15.026 billion from P12.183 billion. Financial and banking services -- under East West Banking Corp. and FDC Forex Corp. -- contributed P11.446 billion in revenues, 25.57% more than 2011’s P9.115 billion. Sugar operations -- under Pacific Sugar Holdings Corp. -- saw revenues rise by 8.34% to P2.469 billion from P2.279 billion. Hotel operation revenues -- under FDC Hotels Corp. -- went up by 27.13% to P706.773 million from P555.927 million. Revenues from power generation operations -- under FDC Utilities, Inc. -- rose to P555,000 from P4,000.
Filinvest Development, formed in 1955 as a used car financing firm, was incorporated in 1973.
Shares of Filinvest Development lost 25 centavos or 4.35% to close P5.50 each yesterday from P5.75 on Friday last week. -- FJGDLF