Filinvest Land says nine-month net income up 19%

Strong growth in residential business and leasing operations helped Filinvest Land Inc. (FLI) book a 19 percent increase to P2.89 billion in consolidated net income during the first nine months of the year from P2.44 billion a year earlier.

 

Revenues rose by 27 percent to P11.82 billion, the company said in a disclosure to the Philippine Stock Exchange Tuesday. 

 

Strong sales in horizontal housing and medium-rise building projects helped the company increase real estate revenues by 31 percent to P9.16 billion from P6.97 billion in the same comparable period.

 

The company registered a 10 percent growth in rental assets revenues to P1.65 billion from P1.5 billion. There were additional revenues from new office buildings in Filinvest City in Alabang.

 

The company said it is on track to launch P17.5 billion worth of residential projects this year. Among the projects launched in January to September are a mixed-use development and high-rise tower in Makati City.

 

President and CEO Josephine Gotianun Yap noted a significant amount of capital expenditure will be allocated to investment properties because the company "believes that the rental business will provide the stability of revenue streams."

 

She noted FLI aims to increase gross leasable area to 995,000 square meters within five years. This would be three times bigger than current office and retail space inventory.

 

The company is optimistic of a "sustained growth as we continue to launch new residential projects and execute our plans to increase offices as well as retail spaces in key locations nationwide," Yap added. – Kathryn Mae P. Tubadeza/VS, GMA News