MANILA, Philippines -Gotianun-led property giant Filinvest Land Inc. saw revenues last year climb 12 percent to nearly P20 billion on robust real estate sales while profits fell.
In a statement, the developer said revenue growth was driven by residential earnings of P12.84 billion, up 14 percent, as it moved to complete housing projects in Cavite, Laguna and Rizal apart from its medium-rise condo projects in Metro Manila and Davao.
Net income, however, was down 24 percent to P2.89 billion given a higher base in 2021 that was boosted by tax benefits booked during the period.
“We are pleased with the continued growth of our residential business, and we expect to sustain this in 2023,” Filinvest Land president Tristan Las Marias said in a statement on Tuesday.
“Our efforts to boost our international and local sales networks, as well as our investments on digital and online platforms have proven effective. We continue to focus on addressing the needs of our homebuyers,” he added.
During the period, reservation sales grew 13 percent to P18 billion as the developer launched seven new residential projects valued at P5.9 billion located in Teresa in Rizal, San Rafael in Bulacan, Cavite, Pampanga and Metro Manila.
It also rolled out its first project in Naga, Camarines Sur.
Mall rental revenues more than doubled amounting to P1.68 billion from P796 million in 2021.
“The growth was due to improvement in its malls’ occupancy and foot traffic, as well as the removal of rental concessions,” Filinvest Land said.
Office leasing revenues were down 3 percent to P4.67 billion as the industry was hit by the work-from-home trend.
Filinvest Land said it was able to lure new leasing contracts from traditional office locators and mutlinational business process outsourcing companies. INQ
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