Filinvest Land reports Q1 net income up 21% to P784M

Filinvest Land Inc. on Friday said its net income totaled P748 million in the first quarter, up by 21 percent from P620 million a year earlier.

 

Real estate sales jumped 50 percent to P2.035 billion from P1.357 billion, boosting its bottom line in the same comparable period, the property developer said in a disclosure submitted to the Philippine Stock Exchange.

 

Rental income from Festival Supermall, PBCom Tower and Northgate Alabang Cyberzone contributed P410 million to total revenues, or 14 percent more than the P359 million for the same item. 

 

Total revenues increased by 41percent to P2.734 billion from P1.933 billion.  

 

As of end-March 2012, total assets stood at P71.118 billion stockholders’ equity at P44.429 billion. 

 

Filinvest Land’s balance sheet remains healthy with debt-to-equity ratio at only 0.39:1 as of end-March, while net debt-to-equity ratio was at 0.37:1, the company said. 

 

Sales in the first three months of 2012 reached P3.2 billion, up 15 percent from P2.8 billion a year earlier.

 

This year, Filinvest Land is shelling out P15 billion in capital expenditures, 25 percent more than what it budgeted in 2011. Bulk of the money will go to building various residential projects for all market segments. 

 

In the works are P14.5 billion worth of projects, equivalent to over 12,000 residential units, P2.5 billion going to additional office or retail space. 

 

These would be 20 percent more than the value of projects launched in 2011, including 14 new projects and 19 additional phases of existing projects. 

 

New projects include a condotel at Timberland Heights and two new mid-rise building projects within Metro Manila. —VS, GMA News