Filinvest Devt H1 profit grows 26% to P2.4-B

ABS-CBN News

Posted at Jul 11 2011 04:53 PM | Updated as of Jul 12 2011 12:54 AM

MANILA, Philippines - Gotianun-led holding firm Filinvest Development Corp. (FDC) posted a 26% growth in its first-half net income to P2.38 billion on higher revenues from its property and banking units, and cost efficiency.

FDC said revenues for the first six months of 2011 reached P10.58 billion, 21% higher than the P8.7 billion recorded last year.

Real estate operations, consisting of condominium and lot sales, and mall and office rental income, accounted for P5.9 billion of revenues, up 51% from last year.

FDC's property arm, Filinvest Land Inc., announced 17 new projects and 24 additional phases for launching in 2011.

Meanwhile, FDC's banking operations under East West Bank contributed P4.15 billion to total revenues as it booked operating income of P3.4 billion, largely from lending.

FDC said effective management of costs also boosted its profits, with its operating expenses increasing by just 3% in the first half.