MANILA, Philippines—Gotianun-led property developer Filinvest Land Inc. grew its net profit last year by 14 percent to P4 billion on higher revenues from residential development and leasing of its commercial property portfolio.
In a press statement on Tuesday, FLI said 2013 revenues expanded by 16 percent to P13.6 billion on growth across its residential, office and commercial businesses.
Revenues recognized out of real estate sales had gone up by 19 percent to P10.5 billion while rental income had likewise risen by 8 percent to P2.03 billion.
The hike in real estate sales was driven by the sustained sales take-up generated during the year, as well as the completion of more mid-rise buildings (MRBs) and house-and-lot projects, the company said.
“Improved performance of the company in the future will be driven by the growth strategies that we have initiated recently and are now starting to pay off,” FLI president and chief executive officer Josephine Gotianun-Yap said.
“In tandem with the growth in FLI’s residential development business, we are now aggressively building up our recurring business with a much wider geographic coverage,” she said.—Doris C. Dumlao