Filinvest Land 9-month income lower sans ’21 tax benefits

Gotianun-led property giant Filinvest Land Inc. said real estate sales remained robust in the first nine months of the year despite lower profits in the absence of tax benefits booked last year.

Filinvest Land said net income from January to September fell 33 percent to P2.27 billion after earnings in 2021 were bolstered by the recognition of P1.1 billion in income tax benefits.

Sales during the first three quarters, however, climbed 10 percent to almost P9 billion while reservation sales, an indicator of future revenues, jumped 15 percent to P14 billion.

“We are pleased with the continued growth of our residential business, especially the sustained sales performance of our newly opened condominium projects in Dagupan City and Zamboanga City,” Filinvest Land president Tristan Las Marias said in a statement on Thursday.

“Our investment to increase sales networks, locally and internationally, especially in tested markets like the Middle East and Europe, is driving improvement in reservation sales performance year on year,” he added.

The builder launched P2.24 billion worth of new projects in Teresa in Rizal, Naga in Camarines Sur and San Rafael, Bulacan.

It also rolled out masterplanned condo communities in Dagupan City, and Zamboanga City.

Shopping malls helped the company sustain growth as revenues grew 66 percent, contributing about P1.14 billion. Filinvest Land attributed the gains to “improvement in tenant occupancy and the increase in in-store sales brought about by increased foot traffic.”

“With the increase in occupancy and improved performance of our mall business, we are optimistic that we can sustain our recovery trajectory and further increase revenues in the coming months,” Las Marias said in the statement.

—Miguel R. Camus