Gotianun-led Filinvest Land Inc. (FLI) grew its first semester net profit by 7 percent year-on-year to P2.47 billion on higher earnings from residential development and leasing of commercial portfolio.
FLI’s first half revenue rose by 5 percent year-on-year to P9.21 billion, the company said in a statement.
The six-month performance was driven by the 13-percent growth in rental revenue to P1.52 billion.
Real estate earnings rose by 4.4 percent year-on-year to P6.93 billion in the first semester.
On rental revenue, FLI said it was on track to attain its one million gross leasable area (GLA) target by 2019. By the end of this year, FLI’s office portfolio will reach 348,000 in GLA. The retail portfolio is also expected to double to reach 275,000 square meters of GLA by the end of the year.
FLI completed three new buildings toward the last quarter of 2015. These have started to generate revenue in the first six months of the year but the company expects full-year revenue to be reflected in 2017 as occupancy builds up this year. FLI now operates 19 buildings with 275,000 sq m of GLA mainly in Northgate Cyberzone in Filinvest City, Alabang.
On its retail portfolio, Festival Mall in Alabang is being expanded to add almost 100,000 additional square meters of gross floor area (GFA). Likewise in full swing are the development of the following: ForaMall in Tagaytay, which will have 48,000 square meters of mall space; Center Square Community Mall in Molino, Cavite, a part of the Princeton residential development that will add 28,000 sq me in new retail space, and the 57,000-sq m Il Corso Mall in City di Mare, a township development at the South Road Properties in Cebu.
To ensure growth in the residential sales business, FLI plans to launch P14 billion worth of residential projects in 2016, targeting its core market of first-time home buyers and end-users. Doris Dumlao-Abadilla