Filinvest nets P2 B in first half of 2014

Screengrab from filinvest.com.ph

MANILA, Philippines—Filinvest Land Inc. posted a net profit of P2 billion in the first six months of 2014, 15 percent more than in the same period last year as its property development and leasing businesses expanded.

In a disclosure to the Philippine Stock Exchange on Tuesday, FLI said core revenues grew by 26 percent year-on-year to P7.18 billion.

Real estate revenues were up by 30 percent to P6.13 billion compared to a year ago, driven by robust sales across its horizontal housing as well as medium-rise (under the Oasis brand) and high-rise (such as Studio Zen) building projects.

On the other hand, revenues from rental assets reached P1.05 billion, 7 percent better than the level in the same period last year as FLI started booking additional revenues from its new office buildings “Filinvest One” and “Plaz@ E” at Northgate Cyberzone located in Filinvest City in Alabang.

Other sources of rental revenues were from Filinvest Technology Park in Calamba, Laguna, and commercial lots in Tagaytay.

FLI chief executive officer and president Josephine Gotianun-Yap said the company would further invest in recurring income portfolio. “We have earmarked almost half of our 2014 capital expenditures for investments that will increase both office and commercial gross leasing area,” she said.

The property firm also reported that it was on track to launch P17.5 billion worth of projects this year.