27th February 1997
FORT BONIFACIO DEVELOPMENT REPORTS
PESOS 1.08 BILLION NET INCOME IN MAIDEN YEAR
Fort Bonifacio Development Corporation (FBDC), the joint venture company between the Bases Conversion Development Authority (BCDA) of the Philippine Government and the Bonifacio Land Corporation (BLC), a consortium of private investors led by First Pacific Company’s Philippine flagships, Metro Pacific Corporation, today announced that its audited net profit after tax for the year ended 31st December 1996 reached Pesos 1.08 billion. This marks FBDC’s first year of operation since the company was formed in February 1995 to masterplan and develop the 214-hectare Fort Bonifacio Global City project in Metro Manila.
FBDC ended the year 1996 with total assets of P78.1 billion, total stockholders equity of P72.3 billion and cash and cash equivalent of P2.66 billion. FBDC had no interest bearing debt as at 31st December 1996.
Mr Ricardo S. Pascua, FBDC President and CEO, stated that, "We are gratified to report significant profit during our first year of operation. We are equally delighted that our vision of a new, modern and technologically enabled commercial and residential center in Metro Manila, is starting to take shape. This year, we received all necessary local and national approvals from government for our masterplan as well as our license to sell.
We have sold 1.6 million square meters of gross floor area realising aggregate sales of over P28 billion, which exceeded our expectations. And we fleshed out the organisation and achieved alliances with foreign partners to implement various components of the project".
FBDC’s after tax profits of P1.08 billion is based on partial recognition of gross margin equivalent to P1.76 billion, or about 12 per cent of the total expected gross margin of P14.38 billion on such land sales in 1996. FBDC recognizes income from land sales essentially on the basis of cash received, and has therefore deferred some P12.62 billion of gross margin which will be recognized over the next three to five years as payment on installments arising from these sales are received.
Mr. Pascua concluded that, "1997 will continue to be a very busy one for FBDC. In addition to maintaining the pace of horizontal development, our principal goal is to conclude joint venture agreements for construction management, water and sewage, telecommunications, district cooling, solid waste management, city transportation and landscaping businesses in the course of the year. We are confident we can achieve all that we have set out to do this year, as we have in 1996".
For further information, please contact :
| Atty. Luis B. Pangilinan, Jr. Vice President-External Relations Fort Bonifacio Development Corp. | Tel: (632) 555 0001 to 12 Fax: (632) 555 0205 |
| Jose Ma. Lim Vice President, Treasury Fort Bonifacio Development Corp. | Tel: (632) 555 0001 to 12 Fax: (632) 555 0205 |
| Robert Sherbin Group Vice President Corporate Communications First Pacific Company Limited | Tel: (852) 2842 4380 |
Company information can also be accessed on:
Internet: irasia.com/listco/hk/firstpac
E-mail: info@firstpac.com.hk
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