Filinvest net rises by 10% to P4B

Gotianun-led conglomerate Filinvest Development Corp. grew its net profit last year by about 10 percent to P4.06 billion on higher earnings from real estate, banking, hotel and sugar operations.

The 2012 net profit attributable to equity holders of parent company translated to P0.44 in earnings per share compared to P0.40 in the previous year. Including noncontrolling interest, FDC’s net profit last year amounted to about P5.8 billion, up from P4.9 billion in the previous year.

In a disclosure to the Philippine Stock Exchange on Monday, FDC said group-wide revenue rose to P29.65 billion from P24.13 billion in the previous year.

Revenue from real estate operations improved to P15.03 billion from P12.18 billion in the previous year.  Hotel operations yielded P706.77 million, up from P555.93 million a year ago.

Banking revenue also grew to P11.45 billion from P9.11 billion in 2011.  Sugar operations generated P2.47 billion, higher than the P2.28 billion in the previous year.

The group also earned P555 million in “other incomes”—mostly interest income from funds set aside for the power generation business.

FDC ended last year with P239.37 billion in balance sheet. Its real estate operating units include publicly listed Filinvest Land Inc. for residential property development.  It is also into commercial property development through Filinvest Alabang Inc., Festival Supermall, Inc., Cyberzone Properties, Inc. and Filinvest Asia Corp. for commercial property development.