Rent, residential sales power FLI income by 16%

Gotianun group-led Filinvest Land Inc. (FLI) grew its net profit in the first semester by 16 percent year-on-year to P3.21 billion, driven by strong growth in rental and residential development revenues.

“Our performance in the residential sector has shown our ability to address the needs of the affordable and middle-income home buyers which we consider our core market. Our performance in the office sector has also demonstrated our competence in serving the needs of our locators,”  FLI chief executive and president Josephine Gotianun Yap said in a disclosure to the Philippine Stock Exchange on Thursday.

FLI reported a 19-percent year-on-year rise in six-month gross revenues to P12.62 billion, driven by a 30- percent year-on-year increase in rental revenues, which reached P3.38 billion, and a 25-percent increase in real estate sales revenues to P8.43 billion.

The residential revenue growth was fueled by high sales take-up levels in the past quarters and the completion of high-rise and mid-rise residential buildings. Rental revenues were boosted by the completion of new office buildings. The company targets a total of one million square meters of office space by 2023.

FLI is also expanding to logistics and industrial park development. The company will also introduce new leasing products such as dormitels to address growing demand from the workforce.