Philippine Filinvest net income up 67% in Q1 on strong property sales

16:01, May 19, 2010      

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Filinvest Development Corporation ( FDC), one of the Philippines biggest property developers, posted a 67 percent increase in net income in the first quarter of the year supported by strong sales of residential properties and rental income from the company 's commercial properties.

In a disclosure to the Philippine Stock Exchange Wednesday, FLI officials reported that net income in the first quarter hit 952 million pesos (21.06 million U.S. dollars), 51 percent of which can be attributed to its real estate operations.

"In spite of the continuing global economic crisis, demand for FLI's core business of residential housing for the socialized, affordable and middle-income markets, continued to remain steady," FDC said in a statement.

FDC's listed property arm, Filinvest Land, Inc. (FLI), disclosed that its net income for the first quarter rose 14 percent to 545 million pesos (12.05 million U.S. dollars). Total revenues increased 11 percent to 1.58 billion pesos (349.5 million U.S. dollars) thanks to strong growth in real estate sales and rental income.

FDC's banking and financial services, through East West Banking Corporation, account for 47 percent, and sugar milling operations account for two percent of total revenues.

FDC is controlled by Andrew Gotianun. The Gotianun family has interests in real estate, banking and sugar milling businesses.



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