FLI racks up P5.1-B profit in 2015
Gotianun-led property developer Filinvest Land Inc. grew its net profit last year by 11 percent to P5.1 billion, boosted by its business process outsourcing (BPO) office leasing and residential development businesses.
Consolidated revenues rose by 7 percent to P18.3 billion, the company said in a press statement yesterday.
“We are confident that we would be able to sustain FLI’s growth momentum in 2016 as we launch new residential projects and complete our planned office and retail buildings. We are on-track with our plans to triple the GLA (gross leasing area) of our rental assets by the end of 2019,” FLI chief executive officer and president Josephine Gotianun Yap said.
The increase in profit was also attributed by FLI to its ability to manage costs. Growth in costs of real estate sales and rental services was contained at 5 percent while general, administrative, selling and marketing expenses declined by 5 percent.
Revenues from rental assets increased to P2.95 billion, rising by 12 percent from the previous year as the firm booked increased revenues from its office buildings. This was seen in line with FLI’s target to triple its recurring income portfolio from its 2014 levels to one million square meters of leasable space by 2019.
At present, FLI operates 14 buildings in Northgate Cyberzone and one building on EDSA in Mandaluyong, all of which are fully occupied. As of the first quarter of 2016, three new buildings with a total footprint of 68,000 square meters in Northgate Cyberzone, Alabang and Cyberzone Cebu are in the process of being turned over to locators. These new buildings increased FLI’s office rental portfolio by 33 percent to 275,000 square meters.
FLI is also growing its retail rental space portfolio. At present, Festival Mall in Alabang is its biggest mall in the south of Metro Manila with over 135,000 sqm of retail space. It is being expanded to add over 45,000 sqm. Aside from the Festival Mall expansion, retail developments are underway all over the country.
Among FLI’s ongoing retail developments are: the “Fora Mall,” which will have 32,000 sqm of mall space in “Fora” adjacent to “Fora Residences” located strategically at the Tagaytay rotunda; “Center Square Community Mall” in Molino, Cavite, which is part of the firm’s Princeton residential development that has an additional 20,000 square meters in new retail space; and the 36,000 sqm “Il Corso Mall,” the seaside lifestyle mall located in City di Mare, a township development at the South Road Properties in Cebu City. Doris Dumlao-Abadilla
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