Filinvest’s 2014 capex projected to hit P20B

Filinvest Development Corp., the holding company of the Gotianun family, expects capital spending to hit P20 billion next year, to be partly funded by a P10-billion bond offer in early 2014, company director Joseph Yap told reporters on Thursday.

Yap, who noted that the figure did not include potential infrastructure projects that the company was eyeing, said the spending was higher than the current year’s budget.

Of the amount, about P15 billion will be invested via Filinvest Land Inc., which contributed about 43 percent of revenue in the first nine months of the year, he said.

He said power projects could account for P2 billion to P3 billion.

Filinvest Development said last month that it was planning to issue P10 billion worth of bonds by January next year. The bonds will have a fixed-rate and a tenor of 10 years.

Filinvest Development earlier reported a 26-percent increase in its nine-month net income to P4.3 billion. Consolidated revenue during the period hit P25.6 billion, up 24 percent from year-ago level.

Top line performance was largely driven by listed subsidiaries, including East-West Bank, which accounted for 44 percent of revenue. Sugar operations contributed 10 percent while hotel operations contributed 3 percent of the total.