Brisk property sales, mall revenues push up FLI profit

MANILA  -Gotianun-led property giant Filinvest Land Inc. (FLI) said net profit during the first nine months of the year rose 22 percent to P2.44 billion on robust real estate sales and mall revenues, which offset the slowdown in the office sector.

Revenues from January to September rose 11 percent to P15.7 billion, the developer said in a stock exchange filing on Tuesday.

“We are very happy to report that Filinvest Land continued to achieve growth in its residential and retail mall business segments,” FLI president and CEO Tristan Las Marias said in the filing.

During the nine-month period, residential revenues grew 9 percent to P9.83 billion as the company ramped up the construction of its various housing and medium-rise projects. It launched a total of P6.6 billion worth of projects in Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato and Zamboanga.

The company’s shopping mall segment also saw revenues climb 57 percent to P1.75 billion as the developer saw “normalized” rental rates amid higher occupancy and foot traffic.

Meanwhile, office revenues dipped 2 percent to P3.4 billion “due to continuing challenges in the sector from flexible work arrangement