FLI reports 21% rise in profit
Property developer Filinvest Land Inc. grew its first quarter net profit by 21 percent to P748 million year-on-year on higher earnings booked from residential sales as well as rental of shopping mall and office space.
In a disclosure to the Philippine Stock Exchange Friday, FLI said its real estate sales jumped by 50 percent in the first three months to P2.03 billion. Rental income generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, on the other hand, contributed P410 million to total revenue—14 higher than the level a year ago.
Total revenue of the Gotianun property firm increased by 41 percent to P2.73 billion.
As of end-March, FLI’s total assets stood at P71.12 billion while stockholders’ equity was at P44.43 billion.
Sales take-up generated in the first three months—an indicator of future growth—also increased by 15 percent to P3.2 billion from a year ago.
This year, FLI aims to spend P15 billion for capital expenditures, 25 percent more than the amount budgeted last year. In the first quarter, FLI already spent close to P2 billion in capital outlays, 47 percent more than what it spent during the same period last year.
“Capex spending is expected to accelerate as building construction of the Festival Supermall expansion and the Il Corso lifestyle strip at Citta di Mare in Cebu start,” the company said.
FLI also recently won the bid to develop a 1.2-hectare property owned by the Provincial Government of Cebu in Lahug, Cebu. The project will involve the construction of four business process outsourcing office buildings, with the the first building targeted to break ground this second quarter. Doris C. Dumlao
