MANILA, Philippines – PTFC Redevelopment Corporation (TFC) reports an 86 percent income increase for the fiscal year ending August 31, 2016 at P55.07 million from P29.57 million. Operating revenues increased to P152.37 million from P148.01 million, a three percent advance. Other revenues totaled P27.12 million.
TFC’s current assets increased from August 31, 2015-ending P188.26 million to P221.43 million, a 12 percent increase. Total assets also rose from P324.76 million to P360.32 million, an eleven percent difference. Liabilities rose from P62.50 million to P63.39 million. Equity settled at P296.93 million, 13 percent higher than previous year record of P262.26 million. Retained earnings also climbed by 73 percent from P46.73 million to P80.8 million.
PTFC Redevelopment Corporation was incorporated on March 28, 1951 under the name Philippine Tobacco Flue-Curing and Redrying Corporation. On March 28, 2014, the firm’s primary purpose was altered into real estate businesses. During the same period, the name of the company was revised to the present one. At present, the firm concentrates on dealing, engaging, or acquiring real estate development or interest in land.
In 1992, the company turned over its Baesa warehouses to a newly developed arm, Baesa Redevelopment Corporation (BRC). The subsidiary leased the land and acquired the warehouses. Afterward, it built and refurbished the facilities of the storage areas, which were also lent at improved rental values.
After two years, TFC consolidated Candon, Ilocos Sur operations for tobacco production. The Balintawak, Quezon City-based re-drying facilities were moved to Ilocos Sur. The area is sorting and storing raw tobacco for the meantime. The transfer is carried out to decrease costs of handling and maximize the Balintawak property usage.
The decline in export and local values caused losses to tobacco operations of TFC. Now that the future does not hint a recovery, TFC board decided to terminate its tobacco business in April 2002.
The leasing facilities of TFC include Baesa Industrial Terminal in Quezon City, which is composed of four main buildings covering 10 hectares of land. The warehousing facilities take as much as 51,000 square meters of the site.
Moreover, its Balintawak, Quezon City warehouse complex is also for rental, which comprises two main buildings on a site with 2.5 hectares size. The available space for the contract is 14,000 square meters.
Baesa Town Center offers 11,000 square meters of commercial, office, retail, and mini storage space. The area has two main buildings situated on a 2.2-hectare land.
Lastly, its Tablac barrio-based facility in Candon, Ilocos Sur is also open for lease. The covered area is around 10,500 square meters.