Filinvest Land sets capex for 2006

Manila Times

Wednesday, November 16, 2005

 

Filinvest Land sets capex for 2006

 

GOTIANUN-LED Filinvest Land Inc. (FLI) will use internally generated funds and a loan secured from the International Finance Corp. (IFC), the World Bank's investment arm, to pay for its real-estate projects next year.

 

While it will allot P1.3 billion in capital expenditures from its own pockets, the company will use P2 billion of the IFC facility.

 

Fely T. Ramos, FLI's first vice president, said the company already drew P1.1 billion from its IFC loan in October. The remaining amount would be used for capital expenditures for 2006, particularly for land development and other new projects.

 

In the first quarter, the company will launch the 15-hectare Palmridge project in Santo Tomas, Batangas.

 

Two new high-end projects will also be launched within Timberland Heights, which is a 20-minute drive from the Batasang Pambansa in Quezon City.

 

Mid-income sales boost profit

 

Meanwhile, mid-market real-estate sales boosted the company's profits for the first nine months and the third quarter of the year.

 

The company posted a 9.07-percent increase in net income in the January to September period to P463.49 million.

 

In the third quarter, the realtor posted a 7.28-percent increase to P191.13 million.

 

"The increase in net income came from a jump in booked real-estate sales by 8 percent mostly from the affordable and middle-income projects launched in 2004 and early 2005," the company said. --Cai U. Ordinario