Filinvest Land Inc. (FLI) posted a net profit of P2 billion in the first six months—15 percent higher year-on-year as its property development and leasing businesses expanded.
In a disclosure to the Philippine Stock Exchange on Tuesday, FLI said core revenues had grown by 26 percent year-on-year to P7.18 billion in the first semester.
The property development unit of the Gotianun group reported that its real estate revenues were up by 30 percent to P6.13 billion from a year ago, driven by robust sales of its horizontal housing projects, as well as that of its medium-rise under the Oasis brand and high-rise, such as Studio Zen.
Also, 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, 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 would launch P17.5 billion worth of projects this 2014.
Among the projects launched in the first half of the year was “100 West,” a high-rise tower on Sen. Gil Puyat Avenue in Makati. This is the first of several mixed-use development projects that FLI plans to put up near transportation hubs and major thoroughfares.
FLI also launched a mixed-use development in the company’s Chinatown property. It was touted to be the “largest contiguous development in Binondo.”
“We expect sustained growth for the company, not only as we continue to launch new residential projects nationwide but also as we keep up with our ongoing expansion plans for additional office, as well as retail spaces in selected areas all over the country,” said Gotianun-Yap. Doris C. Dumlao