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Gotianun-led
Filinvest Development Corp. (FDC) is decelerating moves
to invest in the power sector after its first attempt
failed to prosper.
The
company, which has bidded for a 60-percent government
stake in PNOC-Energy Development Corp. but lost to the
Lopez group, is not keen on joining the new rounds of
bidding for other government-owned geothermal assets in
the 192.5-megawatt (MW) Palinpinon plant in Negros
Oriental, 700-MW Tiwi-MakBan in Laguna and Albay, and
the 112-MW Tongonan plant in Leyte.
“We are
just going to wait for the proper timing,” said Joseph
Yap, president of Filinvest Land Inc. (FLI). FLI is the
property unit of FDC.
The
publicly-listed holding company of the Filinvest group
is allotting a capital expenditure of P22 billion this
year, the bulk of which will go to various property
developments. Of the amount, around P16 billion will be
channeled to FLI’s residential property developments and
the planned construction of an ethanol plant in Cotabato.
Another
unit, Filinvest Alabang Inc. (FAI), will get P6 billion
for its two mid-rise condominiums called Entrata and The
Levels and an office development, The Studios, for
business process outsource firms. All these developments
are located in Alabang, Muntinlupa.
FDC
expects this programmed capex to be financed through a
combination of internal cash and peso borrowings.
Last
year, the company posted a consolidated net profit of
P2.15 billion from P1.8 billion a year earlier.
Consolidated revenues, meanwhile, grew to P7 billion
from P5.2 billion in 2006.
FDC,
whose shares are traded in the stock exchange, is
engaged in real estate operations, banking and financial
services and sugar farming and milling business. |
