Filinvest nets P1.81 B in H1

MANILA, Philippines - Gotianun-led Filinvest Development Corp. (FDC) posted first semester earnings of P1.81 billion or almost the same as previous level as higher costs dented its bottomline.

Consolidated revenues grew 31 percent to P13.9 billion, mainly driven by higher contributions from its real estate, banking, sugar and hotel operations.

The real estate segment pumped in P6.33 billion or 46 percent of FDC’s total revenues. This represented a 12 percent hike from the year earlier figure on robust real estate sales and steady growth in mall and rental revenues.

Real estate sales climbed 14 percent to P4.69 billion owing to higher sales of middle-income projects consisting of newly-launched medium-rise buildings and high-rise buildings.

Financial services contributed P5.34 billion while sugar and hotel operations chipped in P1.9 billion and P290.64 million, respectively.

Banking subsidiary East West Bank chalked up a net income of P910 million, three percent higher than the P884 million reported in the first half of 2011. Total interest and other income went up 28 percent to P5.35 billion.

As of end-June this year, East West had a total of 150 branches and 159 automated teller machines.

For its sugar operations, sugar cane milled reached about 815,000 tons compared to 626,000 tons. As a result, sugar production increased to 1.5 million bags from 1.1 million bags.

The Crimson Resort & Spa at Seascapes Resort Town in Cebu has achieved a 61 percent occupancy rate as against last year’s 57 percent which resulted in a 24 percent rise in hotel revenues and other income.