Gotianun holding firm reports higher earnings in first half

Higher revenues pulled up the net income of Filinvest Development Corp., the holding company of the Gotianun family, in the year's first half. In a report to the Philippine Stock Exchange on Tuesday, FDC said its earnings rose 26 percent to P2.38 billion as revenues improved 21 percent to P10.58 billion. "The increase can be attributed mainly from higher revenues and effective management of operating costs. Operating expenses including interests increased by just 3 percent despite the 21-percent increase in revenues," the company said. FDC added that its real estate segment contributed P5.9 billion of the total revenues. Revenues from property business consisted largely of sales of lots, condominium and residential units, club shares and mall and rental revenues from the mall and BPO business. Meanwhile, the company's banking operations booked a total operating income of P3.4 billion, a 3.9-percent increase. -- CMA/OMG, GMA News