Filinvest Land nets P2.89B
MANILA, Philippines – Filinvest Land Inc. posted a net income of P2.89 billion during the first nine months of the year, up 19 percent from the same period a year ago due to robust growth in residential development and office leasing operations.
FLI’s revenues during the nine-month period surged by 27 percent year-on-year to P11.82 billion, FLI said in a regulatory filing on Tuesday.
Real estate revenues rose by 31 percent year-on-year in the nine-month period to P9.16 billion, driven by strong sales in its horizontal housing projects as well as in its medium-rise building projects that carry the “Oasis” brand and high-rise building projects such as “Studio Zen.”
FLI said it was on track to launch P17.5 billion worth of residential projects in 2014, thus sustaining future revenue growth.
Among the projects launched during the nine month-period was “100 West”, a mixed-use development high-rise tower with residential, retail and office components, conveniently located at Sen. Gil Puyat Avenue in Makati.
Revenues from rental assets also grew in the first nine months by 10 percent year-on-year to P1.65 billion on additional revenue stream from its new office buildings “Filinvest One” and “Plaz@ E” at Northgate Cyberzone located in Filinvest City in Alabang.
FLI president Josephine Gotianun-Yap said the property firm would make significant investments in its recurring income portfolio.
“We believe that the rental business will provide the stability of revenue streams. This is why a significant amount of our capex (capital expenditure) will be earmarked for investment properties,” Gotianun-Yap said.
FLI is targeting to increase gross leasable area to about 995,000 square meters within five years, almost three times the current office and retail space inventory.
“We are confident of sustained growth for the company as we continue to launch new residential projects and execute our plans to increase offices as well as retail spaces in key locations nationwide,” she said.
FLI is one of the pioneers in providing office space to business process outsourcing starting with its Northgate Cyberzone in Filinvest City, Alabang.
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