Filinvest reports 1st Q profit of P748MBy Doris C. Dumlao
Philippine Daily Inquirer
MANILA, Philippines – Filinvest Land Inc. increased its first quarter net profit by 21 percent to P748 million year-on-year on higher earnings booked from residential sales as well as rental of shopping mall and office space.
In a disclosure to the Philippine Stock Exchange on Friday, FLI said its real estate sales jumped by 50 percent in the first three months of 2012 to P2.03 billion. Rental income generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang contributed P410 million to total revenues, 14 higher than a year earlier.
FLI’s total revenues increased by 41 percent to P2.73 billion.
As of end-March, FLI had total assets of P71.12 billion while stockholders’ equity was at P44.43 billion.
Sales take-up generated in the first three months, an indicator of future growth, also increased by 15 percent to P3.2 billion from a year earlier.
This year, FLI aims to spend P15 billion for capital expenditures, 25 percent more than the amount budgeted last year. In the first quarter, FLI already spent close to P2 billion in capital outlays, 47 percent more than what it spent during the same period last year.
“Capex spending is expected to accelerate as building construction of the Festival Supermall expansion and the Il Corso lifestyle strip at Citta di Mare in Cebu start,” the company said.
FLI also recently won the bid to develop a 1.2 hectare property owned by the Provincial Government of Cebu in Lahug, Cebu. The project will involve the construction of four business process outsourcing office buildings, with the the first building targeted to break ground this second quarter.
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