In a disclosure to the Philippine Stock Exchange, FDC said its board authorized the company to negotiate and enter into an omnibus agreement with a group of financial institutions including Metropolitan Bank & Trust Co., First Metro Investment Corp. and affiliate Filinvest Alabang Inc. governing the terms of its planned P1.05-billion fixed-rate notes issue.
FDC plans to develop a 12-hectare property in Mactan Island into a residential and leisure project. It has invested in similar projects in the past, such as the Palms Country Club in Alabang and the Laeuna de Taal in Batangas.
FDC recently raised $4.65 million from the sale of its 13.7-percent stake in Hocheng Philippines Corp. to its Taiwanese partner Ritiboon International Ltd.
Hocheng makes bathroom fixtures and sanitary wares.
FDC more than doubled its net income for the first half of the year to P291.78 million from only P135.48 million, driven by the strong performance of its banking business.
The improved performance of East West Bank Banking Corp. offset the Filinvest Group’s lower real estate sales.
FDC’s consolidated revenues grew 14 percent to P2.11 billion from only P1.85 billion.
Consolidated sale of lots, condominium and residential units and club shares fell to P1.32 billion from P1.42 billion. Although FDC property unit Filinvest Land Inc. (FLI) managed to post a 14-percent increase in sales of its residential units as compared to P1.01 billion, the said increase was offset by the decrease in sale of condominium units and club shares of Filinvest Alabang.
On a year-to-date basis, however, FLI posted a net profit of P272 million, down by three percent owing to expenses related to product launchings as part of the company’s aggressive marketing campaign for this year.