Filinvest nets P2.95B in 2010

MANILA, Philippines—Filinvest Land Inc. grew its net profit last year by 46 percent to P2.95 billion, on the back of a double-digit growth in real-estate revenue and recurring rental earnings from shopping mall and office space.

Benefiting from the robust property market, total 2010 revenue surged by 45 percent to P8.25 billion, as FLI realized higher earnings from real-estate sales and rental of commercial space.

Real-estate sales hit P5.65 billion, 54 percent higher than a year before, while rental income from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang posted a 19-percent year-on-year growth to P1.41 billion.

The 2010 net income reported by FLI included a P526-million one-time gain from its buyout of a 40-percent stake in North Cyberzone and a portion of Timberland Heights last year. Even without such non-recurring gain, net profit would have hit P2.43 billion, up by 20 percent from a year before.

As of end-2010, FLI had total assets of P61.87 billion, 5 percent up from a year before. Sales take-up last year reached P10 billion, 42 percent more than the previous year’s level.

FLI is spending P12 billion this year to expand its business, more than double the budget for capital expenditures last year.