ASEAN KEY DESTINATIONS
Filinvest Devt Corp. sees earnings rise 12% to P6.5B in 2013
Listed holding company Filinvest Development Corp. (FDC) saw its net income increase 12 percent to P6.5 billion in 2013 from P5.8 billion the year before, the company said in a statement.
Consolidated revenues rose by 17 percent from P29.8 billion in 2012 to P34.8 billion last year.
The company's real estate operations—mainly Filinvest Land, Inc. (FLI) and Filinvest Alabang, Inc.— contributed 47 percent to total revenues, while financial services brought in 42 percent. FDC's sugar operations brought in 8 percent while its hotel arm contributed the remaining 3 percent.
Filinvest Land's net income rose 14 percent to P4 billion, while revenues increased 9 percent to P16.5 billion.
FDC's financial and banking services subsidiary EastWest Bank posted a 28-percent increase in revenues to P14.6 billion from P11.4 billion in 2012.
In the statement, president and chief executive Josephine Gotianun-Yap said that the construction of FDC's 405-megawatt power plant in Mindanao is “in full swing,” with the plant to become the group's “third major leg” by 2016.
Hotel revenues increased by 40 percent to P1.0 billion in 2013 as room rates and the occupancy rate for FDC's Crimson Mactan hotel rose. For the latest addition to its Crimson brand, FDC also recently broke ground in Boracay.
Sugar sales and other income grew 12 percent year-on-year to P2.8 billion from P2.5 billion.
By the end of year, stockholders' equity stood at P84.7 billion, while total assets were up 13 percent to P270.8 billion.
In January, FDC raised P8.8 billion through the issuance of long-term bonds after receiving the highest credit rating of PRS Aaa from Philratings Ratings Services Corp. — BM, GMA News
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