Rental revenue boosts FLI bottom line
Gotianun-led property developer Filinvest Land Inc. posted a 7-percent year-on-year increase in net profit in the first nine months to P3.46 billion, driven by higher revenue from its office property portfolio.
Consolidated revenue hit P13.60 billion, up 6 percent from year-ago level, FLI said.
The profit growth was attributed mainly to the 14-percent increase in rental revenue to P2.28 billion. FLI completed three new buildings in the last quarter of 2015, contributing revenue in the first nine months. FLI expects full-year revenue from these buildings to be reflected in 2017.
FLI has just completed two new buildings, “Filinvest Cyberzone Bay City 1 & 2” in the Bay area with 37,000 square meters of gross leasable area.
It now operates 21 buildings with 312,000 square meters of GLA. By the end of 2016, FLI’s office portfolio will reach 348,000 GLA or around 70 percent more than 2014 levels.
FLI is also growing its retail rental space portfolio. The 200,000-sqm Festival Mall in Alabang is undergoing major expansion to add about 100,000 sqms of GFA. The first phase of this expansion is now open to the public.
Retail developments are underway in other parts of the country.—Doris Dumlao-Abadilla
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