Filinvest posts more than 10% growth from Jan - Sept

MANILA, Philippines - LISTED Filinvest Land increased its profit by more than 10% during the nine-month period as demand for affordable and middle-income markets continued despite the ongoing US-led financial crisis. In a statement Friday, Filinvest said January to September net income stood at P1.15 billion from last year’s P1.02 billion. Revenues meanwhile reached P3.60 billion during the nine-month period from last year’s P3.42 billion, which is attributable mainly to real estate sales. "The company’s core business of residential housing for the socialized, affordable and middle-income markets continue to remain strong. Total residential sales take-up generated a year-on-year growth rate of more than a third for the nine-month period," the company said. It added that significant sales were contributed by the company’s medium-rise buildings such as the 4.8 hectare One Oasis Ortigas in Pasig. Medium-rise buildings are inner city projects with several five-story buildings clustered around the project’s central amenity area. For the nine-month period, Filinvest launched 18 new projects with an estimated asset value of P4.2 Billion. Aside from its recent projects, the company is also breaking new ground outside Metro Manila by tapping into high growth regional centers. In Northern Luzon, Filinvest has launched Somerset Lane in Tarlac, Hampton Orchards and Claremont Village in Pampanga and Tierra Vista in San Rafael, Bulacan. It also has West Palms in Palawan, Filinvest Homes in Butuan and Kembali Coast in Samal Island, Davao which is a 50-hectare Asian-Balinese inspired island resort residential development. Filinvest has also launched the Grand Cenia Condotel in Cebu City which offers condotel units for sale to investors as well as condominium units for those looking for a first or second home. "With its sizable land bank of 2,360 hectares, the company is ready to launch new projects to meet additional market demand," Filinvest said. — Kristine Jane R. Liu, BusinessWorld