FELI turns around with P2.63-million profit in 9 months

MANILA, Philippines - Sobrepeña-led Fil-Estate Land Inc. (FELI) posted a net income of P2.63 million in the nine months ending June this year, a reversal of the P73.12-million loss incurred in the same period a year ago.

In a financial report filed with securities regulators, FELI said the turnaround was a result of the reduction of costs and expenses despite a drop in revenue. The net income translated to earnings per share of P.0011 as against a loss per share of P.02183 last year.

Cost and expenses dropped 28.5 percent from P549.47 million to P392.82 million.

Revenues amounted to P392.9 million from October 2009 to June 2010, down 16.7 percent from P471.49 million the previous period.

Sales of real estate and golf club and resort shares reached P136 million, coming from the sale of condominium units in Sto. Domingo, Quezon City; condotel units and forest cabins in Camp John Hay, Baguio City; residential subdivision lots in Manila Southwoods in Cavite; Forest Hills in Antipolo City; Riverina in San Pablo City; Goldridge Estate in Guiguinto, Bulacan; Puerto Del Mar in Lucena City; Plaridel Heights in Bulacan; Holiday Homes in Gen. Trias; Cavite City; Bentley Park in Antipolo City; Monte Cielo De Naga in Bicol; Puerto Real De Iloilo in Iloilo City; and golf club and resort shares in Fairways and Bluewaters in Boracay.

As of end-June this year, FELI had total assets of is P14.88 billion. But cash and cash equivalents decreased 58 percent to P81 million as funds were utilized for operations.

FELI is primarily engaged in the horizontal development of residential subdivision lots, integrated residential, golf and other leisure-related properties, and vertical development of mixed use complexes.