Filinvest unit profit up 22%
Filinvest City’s central business district Filinvest Land Inc. reported that its net income in the first nine months of 2013 rose by 22 percent year on year to P2.44 billion from the P2.07 billion registered a year ago. PHOTO FROM FILINVESTCITY.COM
MANILA, Philippines—Filinvest Land Inc. (FLI) reported that its net income in the first nine months of 2013 rose by 22 percent year on year to P2.44 billion from the P2.07 billion registered a year ago.
Growth in real estate sales and rental income primarily drove the rise in total revenues to P8.47 billion, a 26-percent increase versus the same period last year.
FLI’s real estate sales increased 30 percent to P6.97 billion in the first three quarters of 2013. On the other hand, rental revenues reached P1.5 billion, 8 percent more than the level in January to September of 2012.
Major contributors to the good sales performance during the period included the launching of new mid-rise buildings (MRBs) and house-and-lot projects in diverse new locations, intensive marketing activities and attractive pricing. Some of the new MRBs and high-rise building that boosted sales include San Remo Oasis, The Levels and Studio Zen.
