MANILA, Philippines—Gotianun-led property developer Filinvest Land Inc. grew its first-quarter net profit by 15 percent year on year to P1.08 billion on strong earnings from residential development and office leasing.
Parent conglomerate Filinvest Development Corp., however, posted a 27-percent year-on-year decline in first quarter net profit attributable to parent equity holders to P701.29 million.
Consolidated first quarter FDC revenues amounted to P9.05 billion, flat from last year’s level.
For FLI, revenues went up by 20 percent in the first three months of the year versus the year-ago level to P3.85 billion.
Real estate revenues increased by 25 percent to P3.05 billion during the period, attributed by the company to the strong growth in horizontal developments in the middle-income and affordable segments. This quarter also saw the impact of revenue contribution from the Cebu-based San Remo Oasis and Amalfi Oasis projects.
Revenues from rental properties amounted to P540 million, up by 9 percent from the same level a year ago as FLI started to book additional income from its new buildings, Filinvest One and Plaz@ E in Northgate Cyberzone, located at Filinvest City in Alabang. With these, total office gross leasable area reached 210,000 square meters at the end of March, 17 percent higher year on year.
For this year, FLI plans to launch 22 real estate projects with a total value of P17.5 billion, targeting its core middle-income and affordable segments.—Doris C. Dumlao