FELI profit triples in Q1

Fil-Estate Land Inc. (FELI) posted a net profit of P51.02 million in the first quarter of its fiscal year ending March 2009, more than three times the figure reported in the same period a year ago, the company said in a statement.

Revenues rose 14 percent to P184.68 million in the period April to June this year, from P162.14 million the previous year, while realized gross profit jumped four fold to P122 million from a meager P29.75 million due to lower operating expenses.

In the nine months ending June this year, Fil-Estate’s net earnings amounted to P74.82 million, up 133.8 percent from P32 million. Revenues, however, fell 11.76 percent to P315.03 million. 

Meanwhile, operating expenses dropped 3.87 percent to P91 million from P121.13 million.

The company’s sales of real estate and golf club and resort shares of P199 million came mainly from residential subdivision lots in Southwoods in Carmona, Cavite; Forest Hills in Antipolo; Riverina in San Pablo City; Monte Cielo De Naga in Camarines Sur; Newport Hills in Lian, Batangas; Goldrige Estate in Guiguinto Bulacan; Buenavista Hills and Windsor Heights in Tagaytay City; and from townhouse units in Cathedral Heights in Quezon City.

Income from contract services of various golf course maintenance contracts and rental of office block Renaissance Towers amounted to P 115 million.

As of end-June 2008, Fil-Estate had consolidated assets of P14.4 billion, 4.7 percent higher than the end-September 2007 level of P13.84 billion.

Retained earnings rose to P4.64 billion, largely due to the P74.8 million earnings for the third quarter ending June this year.

Fil-Estate said it is confident it could withstand the challenges of a difficult business environment given the continued strong performance of the real estate estate sector. — Zinnia B. Dela Peña