Fil-Estate income up 166% to P10M in 6 mos

Property developer Fil-Estate Land Inc. posted a net income of P10.005 million in the first six months ending March this year, up by 166 percent from the previous year’s level of P3.76 million.

Revenues grew 9.78 percent to P612.65 million, largely due to the 30 percent increase in sales of real estate and golf club and resort shares from P420.64 million to P547 million.

The company’s residential lots accounted for the bulk of revenues and continued to be the main profit drivers, particularly the Forest Hills in Antipolo, Plaridel Heights in Bulacan, Palmridge Pointe in Tagaytay and Sherwood Hills.

FELI said revenues also consisted of interest income from installment sales of P19 million, admission and rentals of P4 million and other income of P43 million. The bulk of other income pertains to contract service.

Cost and expenses went down to P506.11 million from P516.52 million due to decrease in interest and bank charges arising from declining loan portfolio.

To ensure continued growth, FELI said it will forge alliances with strategic partners and investors for the completion of various developments.

FELI expects to be debt-free by end-September this year after settling remaining debts totaling P279 million through debt-for-asset swap deals.

The full settlement of debt will allow FELI to focus on new and highly marketable projects.

Among the projects to be completed this year include the second phase of Cathedral Heights in Quezon City, Sun Plaza in Mandaluyong City, Richgate in Baguio, Tierra Vista in Lipa, Batangas; and the fourth phase of Canyon Woods in Lipa, Batangas.

Cathedral Heights is a collection of 90 two and three-story townhouses forming 10 clusters of residential units in New Manila, Quezon City while Sun Plaza is a 22-story colonial-styled office condominium located in the corner of Princeton Street and Shaw Boulevard in Mandaluyong City. Both projects primarily cater to the middle-income market, including Pag-ibig members.

FELI will launch the third phase of its Richgate project in September 2005, adding that 50 percent of total units had already been sold.

The company’s 20-hectare Canyon Woods and four-hectare Pililia Fantasy in Rizal province, outside Manila, are intended for the higher-income market.

FELI also plans to transform a 1,269-hectare property in Batangas into a tourism and residential area to be called Nasugbu Harbortown, for which it will initially spend P300 million.