Fil-Estate net income nearly doubles in Q4
Fil-Estate Land Inc. (FELI) reported that its net income in the last quarter of 2007 nearly doubled to P8.51 million from only P4.4 million a year earlier, on the back of higher real estate sales.
Based on its financial report filed at the Philippine Stock Exchange, FELI registered a 21-percent jump in revenues to P75.3 million, mainly coming from the sale of residential subdivision lots in
Operating expenses likewise rose to P98 million compared with the year ago level.
Other income, on the other hand, jumped 258 percent to P95.6 million from P26.7 million.
FELI earlier signed a $25-million convertible facility with LIM Asia Arbitrage Fund, Lim Advisors Ltd. and HSBC Trust Department to fund its various real estate development projects.
The bonds, maturing in 2012, represent quasi-debt instruments which can be converted into the company’s shares of stock within the specified conversion period.
The bonds are convertible in new shares of FELI at a conversion rate of P1.50 per share subject to adjustments as prescribed in the facility agreement.
A greenshoe option of a maximum of $12.5 million allows FELI to issue additional notes under the same terms and conditions within the year provided that the total notes issued do not exceed $25 million.
FELI has raised its capitalization to P10 billion to facilitate the entry of new investors which will help finance the completion of its large-scale projects.
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