Property sales boost Filinvest’s 9-month net
Property developer Filinvest Land Inc. yesterday said its income for the first nine months of the year improved significantly on the back of higher real estate sales and rental income.
At the same time, the Gotianun family-controlled firm said capital expenditure for the year was expected to hit P15 billion as it ramped up the development of commercial and residential projects to meet rising demand brought about by a booming economy.
In a statement, Filinvest said its net income rose by 18 percent in January to September to P1.96 billion from the P1.66 billion generated in the same period last year.
The growth was fueled by a 24-percent increase in real estate sales to P5.35 billion from P4.33 billion a year ago.
Rental income from Festival Supermall, PBCom Tower and Northgate Cyberzone in Filinvest Corporate City, Alabang contributed P1.3 billion to total revenue, representing an increase of 17 percent from the P1.11 billion in the same period last year.
As a result, total revenue rose by 17 percent to P7.43 billion from P6.13 billion in the previous period.
Sales take-up in the first nine months of 2012 reached P9.91 billion or 17 percent more than the P8.43 billion generated last year.
“To sustain its sales growth, FLI launched six new projects and eight additional phases of existing projects in the first three quarters of 2012,” the company said.
As of the end of September 2012, total assets stood at P80.13 billion while stockholders’ equity hit P44.49 billion.
Filinvest’s new projects include the One Spatial Pasig mid-rise building (MRB).
One Spatial is the first of a series of MRB projects that will be marketed under the “Spatial” product name, and offers “more space, more value,” the company said.
“The units are larger and are designed for functionality and efficiency,” it added, saying that sales will be oriented toward new families looking for start-up homes. “All the units being offered are 32 square meters, with buyers having the option of combining up to three units.”
“‘Spatial’ MRBs are more affordable than Filinvest’s MRBs that are offered under the ‘Oasis’ series and are priced 20-25 less on a per square meter basis,” the company said, adding that units will sell at around P1.8 million each, “and will enable more customers to purchase an affordable home within Metro Manila.”
In the meantime, projects in the pipeline include new developments at Timberland Heights, Filinvest’s 677-hectare master planned project in San Mateo, Rizal, which is about 15 minutes from the Batasang Pambansa in Quezon City.