Filinvest Land, Inc. (FLI) of the Gotianun group registered a 14 percent growth in net income to P4.22 billion for the first nine months of 2018 from P3.70 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues increased by 10 percent, mainly driven by the growth in rental revenues.
Rental revenues grew 28 percent to P4.04 billion from P3.15 billion as the firm booked increased revenues from its newly completed office and retail developments.
Its continued focus on the expansion of its rental office and retail property portfolio resulted to recurring income now contributing 48 percent to the company’s net income.
“We are confident of significant growth in our office rental business as we start operating new office buildings and achieve full occupancy in our new major land banks of Cebu, Clark and Metro Manila add to our bedrock Northgate Cyberzone in Filinvest City Alabang,” FLI CEO and President Josephine Gotianun Yap said.
FLI operates 27 office and retail developments totaling 595,000 square meters of gross leaseable area (GLA). By the end of 2018, 200,000 square meters of additional GLA will be added to its portfolio.
The company has a pipeline of 30 recurring income developments with 370,000 square meters of additional GLA currently under construction. FLI said it is on track to meet its target of 1.5 million square meters of GLA by 2022.
Yap added that, “residential demand has also been on the rise and we expect this to continue as we expand both geographically and product wise.”
FLI continues to address the needs of the affordable and middle income markets through its Futura and Aspire brands, respectively.
The new projects launched and remains to be launched this year are found nationwide in Metro Manila, Rizal, Cavite, Laguna, Batangas, Bulacan, Pampanga, Pangasinan, Zamboanga and Davao.
Source: Manila Bulletin