Filinvest nets P934M in Q1

MANILA, Philippines–Gotianun-led property developer Filinvest Land Inc. grew its first quarter net profit by a quarter to P934 million from the level a year ago on a double-digit rise in real estate sales and rental income.

In a disclosure to the Philippine Stock Exchange on Wednesday, FLI said its real estate sales jumped by 20 percent to P2.44 billion in the first three months year-on-year while rental income likewise expanded by 14 percent to P467 million over the same period.

The hike in real estate sales was driven by higher reservation sales, as well as the completion of more projects that were already sold, the company said. Five more buildings in four mid-rise building (MRB) projects were completed in the first quarter while at least eight more buildings are expected to be completed by the end of this year.

The rise in rental Income, on the other hand, was attributed to the sustained high occupancy rates in its business process outsourcing (BPO) office building portfolio, as well as higher lease rates. FLI reported that at Northgate Cyberzone, all 12 operational buildings are fully leased out.