Filinvest more than doubles profit to P2.91 billion in 9 months

MANILA, Philippines - Gotianun-owned listed holding firm Filinvest Development Corp. more than doubled its net profit in the nine months ending September this year on brisk sales.

Net earnings amounted to P2.91 billion, up from only P1.12 billion. Consolidated revenues rose 33.7 percent to P10.39 billion from P7.78 billion.

More than half of total revenues or P5.42 billion came from FDC’s financial and banking services while P4.41 billion came from sale of lots, condominium and residential units and club shares.

Mall and rental revenues stood at P1.12 billion, 14.1 percent higher than the P1.03 billion recorded a year before due to the opening of Fastbytes — Phase 2, increase in rental income of Westgate Complex in Filinvest Corporate City and the consolidation of 100 percent of CPI income as a result of FLI’s acquisition of the 40 percent interest of Africa-Israel Properties (Phils.), Inc.

Property arm Filinvest Land Inc. formally launched Crimson Resort and Spa, the hotel component of Seascapes Resort Town in Mactan, Cebu, in Oct. 8.

The hotel is managed by Filarchipelago Hospitality, Inc., a joint venture with Archipelago International Pte. Ltd. which is well known in the management of hotels, resorts, residences, spas and villas under the Aston, Alana, Quest, Favehotel, Kamuela and Crimson brands.

Meanwhile, revenues from sugar operations reached P557.2 million, an increase of 36.7 percent from the previous level mainly due to sales of inventories at higher prices.

As of end-September 2010, FDC’s total consolidated assets amounted to P170.5 billion as against liabilities of P104.2 billion.