Filinvest Land’s first half net profit up 15% to P2.32 billion

GOTIANUN-led Filinvest Land Inc. grew its six-month net profit by 15 percent year-on-year to P2.32 billion on higher earnings from residential development and office space leasing.

Consolidated revenues rose by 12 percent year-on-year to P8.70 billion, FLI said in disclosure to the Philippine Stock Exchange on Thursday.

FLI registered real estate sales of P6.64 billion, 8 percent more than the level in the same period last year. On the other hand, revenues from rental assets increased by 14 percent year-on-year to P1.20 billion.

The company said it unlocked revenues from its office building “Plaz@ E” at Northgate Cyberzone located in Filinvest City, Alabang.

FLI currently operates 14 buildings in Northgate Cyberzone and one building on EDSA in Mandaluyong, all of which are fully occupied.

Three additional buildings with a combined gross leasable area (GLA) of 67,000 square meters are slated for completion in the next few weeks and are already being pre-leased, the company said. When completed, FLI’s office rental portfolio will increase by 33 percent.

FLI said its first semester perfromance was also driven by its ability to manage costs. Costs of real estate sales and rental services increased by a mere 7 percent, slower than the growth in revenues of 12 percent.