Fil-Estate Oct-Dec income doubles to P8.5M

Listed developer Fil-Estate Land Inc. on Wednesday reported that its net income for the period October to December 2007 almost doubled due to higher "other income." In a report to regulators, the company said its net income for the period improved to P8.51 million from P4.40 million in the same period in 2006. Revenues rose to P75.3 million from P62.2 million while operating expenses also climbed to P98 million from P74.6 million. Other income posted the biggest jump at P95.6 million from P26.7 million. The 257-percent increase came from the sale of lot pod in Boracay during the period, Fil-Estate Land said. "Revenues for the three-month period amounted to P75 million. The company's sales of real estate and golf club and ersort shares of P47 million came mainly from sale of residential subdivision lots in Forest Hills in Antipolo, Riverina in San Pablo City, Plaridel Heights in Bulacan and Pines Royal in Baguio," the company said. - GMANews.TV