MANILA, Philippines—Gotianun-led Filinvest Land Inc. chalked up a net profit of P2.94 billion last year, flat from a year ago in the absence of non-recurring gains that buoyed earnings in 2010.
Core net income, however, grew 21 percent year-on-year to P2.94 billion on higher revenues recognized from real estate sales alongside higher rental income, FLI disclosed to the Philippine Stock Exchange Friday.
Headline net profit was lower compared to a year ago as FLI’s earnings in 2010 included P526 million in one-time gains as a result of the purchase of its former partner’s stake in Northgate Cyberzone and part of Timberland Heights.
Total FLI revenues increased 18 percent to P9.65 billion, aided by the 23-percent rise in real estate sales to P6.95 billion. Rental income generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang contributed P1.54 billion to total revenues, up 9 percen from a year ago.
FLI ended the year with total assets P68.29 billion while stockholders’ equity stood at P43.68.
Meanwhile, sales take-up generated in 2011 reached P11.4 billion, up 15 percent year-on-year.
This 2012, FLI plans to spend P15 billion for capital expenditures (capex), 25 percent more than the amount budgeted in 2011. The bulk is earmarked for the construction of the various residential projects of FLI, covering all market segments. FLI plans to launch about P14.5 billion worth of projects, 20 percent more than the value of projects launched last year, equivalent to more than 12,000 units. This included 14 new projects and 19 additional phases of existing projects. New projects are a condotel at Timberland Heights and two new mid-rise building projects in Metro Manila.
This year’s capex also includes P2.5 billion for additional office and retail space. In Northgate Cyberzone, a business process outsourcing (BPO) office building is under construction and will add close to 20,000 square meters of gross leasable space in the first half of 2013. FLI’s current portfolio has 170,000 square meters of gross leasable area from 12 buildings. A 14th building is targeted to break ground within the year with a leasable area of 13,000 square meters.
FLI recently won the bid to develop a 1.2-hectare former prison site owned by the local government of Cebu. The project will involve four BPO office buildings with the construction of the first starting in early 2013. Doris C. Dumlao