FLI 6-mo. net income rises 8% to P2.6B

Gotianun-led Filinvest Land Inc. grew its net profit in the first half by 8 percent year-on-year to P2.66 billion on higher earnings from residential development and leasing businesses.

FLI’s total revenue rose by 9 percent year-on-year to P10.06 billion, attributed to growth in sales recognized from its residential development business as well as the continued strong demand for its retail and office spaces.

Residential revenue expanded by 8 percent year-on-year to P7.5 billion, driven by sustained sales take-up and the completion of high-rise and mid-rise residential buildings. FLI reported  strong demand for its residential offerings: the Futura Homes affordable housing projects, medium-rise buildings that carry the “Oasis” and “Spatial” brands and the Studio Series high-rise buildings.

As an indicator of future revenue growth, sales takeup rose by 12 percent year-on-year to P9.48 billion, driven by new residential project launches.

Rental revenue grew by 25 percent to P2 billion as the property firm earned more from its new office and retail buildings.

FLI now operates 21 office buildings totaling 312,000 square meters of gross leasable area. Four buildings are expected to be completed and turned over this 2017: Vector Three and Axis One in Northgate Cyberzone Alabang, Cebu Cyberzone Tower Two in Lahug, Cebu City, and Cyberzone Mimosa Building 1 in Clark. Total office GLA will increase by 111,000 square meters by the end of the year or an increase of 36 percent from end-2016 level.

In addition, FLI has ongoing construction on eight other buildings, namely: Cyberzone Bay City A and D in Pasay, Axis Two in Northgate Cyberzone Alabang, Cyberzone Mimosa Building 2 in Clark, One Filinvest in Ortigas, Activa and Studio 7 in Quezon City, and 100 West in Makati, with additional 224,000 square meters of GLA.—DORIS DUMLAO-ABADILLA