MANILA, Philippines — Gotianun-led property developer Filinvest Land Inc. (FLI) posted a 24-percent year-on-year expansion in first quarter net profit amounting to P1.84 billion, driven by a double-digit growth in earnings from residential development and rental portfolio.
FLI’s gross revenues rose by 15 percent year-on-year to P7.2 billion during the first three months, the company disclosed to the Philippine Stock Exchange on Wednesday.
The company saw a 42-percent year-on-year increase in three-month rental revenues, such as from its offices and shopping malls, which reached P1.72 billion. It also reported a 10-percent growth in real estate sales revenues amounting to P5.11 billion for the quarter.
“We are pleased with the first quarter results as we continue to experience growth in our recurring income business. Last year, we completed the construction of six office buildings, with a gross leasable area (GLA) of 118,000 square meters which contributed to our improved financial results. We have also achieved growth in real estate sales revenues as we continue to focus on the affordable and middle income markets with our Futura and Aspire home brands, respectively,” FLI president and chief executive officer Josephine Gotianun-Yap said.
The company’s office developments are mostly located in three main hubs: Northgate Cyberzone in Filinvest City, Muntinlupa; Filinvest Mimosa+ Leisure City in Clark; and Cebu City. FLI’s other office properties in Metro Manila are found along major MRT corridors.
As of end-March, FLI has built more than 200 residential developments across the country. (Editor: Julie Espinosa)