MANILA - Filinvest Development Corp (FDC) plans to tap the debt market anew in the first quarter of next year to finance part of its capital expenditures.
On the sidelines of the bid opening for the Mactan Cebu International Airport project, Filinvest Land Inc board member Joseph Yap told reporters that the holding company plans to raise P10 billion in the first quarter of 2014 to finance capex and working capital requirements for the group’s various projects.
The holding firm of the Gotianun family set a capex of P20 billion for next year, of which P15 billion would go to its residential and retail businesses, and P2-3 billion to the power sector.
The company recently raised P7 billion through the sale of debt for this year’s capex.
In the first nine months of the year, FDC posted a net income of P4.3 billion, up 26 percent from last year's P3.4 billion.
The company's revenues amounted to P25.6 billion, an increase from last year's P20.54 billion.
source: interaksyon.com
