FILINVEST Land Inc. (FLI) on Friday, April 23, 2021 said it is embarking on new initiatives such as logistics and e-commerce warehouses, and co-living spaces moving forward. These initiatives are meant to address new trends that will define its future and will widen the base of its investment properties for recurring income, according to FLI president and chief executive officer Josephine Gotianun Yap. FLI’s planned capital expenditure for 2021 is P16 billion, with P6.4 billion for residential developments, P5.8 billion for office developments and P3.8 billion for retail, logistics/innovation parks and land acquisition. FLI’s office leasing business grew eight percent in 2020 despite the pandemic. The firm also announced a cash dividend for common shares amounting to P0.031 per share representing a 20 percent payout. Similar to last year, the dividends will be paid out in two tranches: P0.0155 per share will be paid on June 15, 2021 for stockholders on record as of May 21, 2021, and another P0.0155 per share will be paid on Dec. 9, 2021 for stockholders on record as of Nov. 15, 2021. (PR)
Chelsea Group records P3.3B net loss
WITH the continued challenging business environment caused by the ongoing global Covid-19 pandemic, the Chelsea Group ended 2020 with a P3.311 billion net loss. The firm said the year had actually started well with revenues in the first two months of the year up 11 percent year-on-year prior to the start of the peak season. However, due to the severe restrictions imposed on the shipping industry by the government-mandated quarantines which started with the enhanced community quarantine in March, the group’s revenues were down 35 percent year-on-year to P4.679 billion with the passage and freight segments severely affected. Passage revenues plunged by 65 percent to P501 million while freight revenues dropped 22 percent to P2.097 billion. Charter fees also dropped 41 percent to P1.165 billion. On the other hand, revenues from tugboat fees increased by four percent to P351 million. (PR)
Union Bank posts P4.7B Q1 Net income
UNION Bank of the Philippines has posted a net income of P4.7 billion in the first three months of 2021, 79 percent higher year-on-year and 53 percent higher quarter-on-quarter. This strong earnings performance translated to a return on equity of 18.1 percent. Net revenues were at P14.3 billion, up 50 percent versus the same period last year and up 39 percent versus last quarter. Net interest income increased by six percent to P7.2 billion despite muted credit demand. This was attributable to the robust growth of CASA (current account and savings account) deposits, which grew 29 percent year-on-year. Non-interest income rose by 2.6x to P7.1 billion mainly driven by trading gains. The higher net revenues provided cushion for the bank to book additional loan loss provisions of P2.3 billion even as the non-performing loan ratio has declined to 4.7 percent from 5.1 percent in December 2020. It also allowed the bank to absorb the one-time impact on deferred tax assets due to the Create Law. (PR)