GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) said its net income in the first six months of the year improved 9 percent to P2.88 billion on the back of a 6-percent increase in total revenues to P10.65 billion.
Rental revenues surged 28 percent to P2.6 billion from P2.03 billion in the same period last year due to the newly-completed office and retail buildings.
A continued focus on the expansion of its rental office and retail property portfolio resulted in recurring income contributing 43 percent to net income.
The company continues to boost its expansion plan with P16 billion worth of projects in the affordable and middle income markets slated for launching. The new projects will be located in Metro Manila, Rizal, Cavite, Laguna, Batangas, Bulacan, Pampanga, Dagupan, Zamboanga and Davao.
For office, FLI now operates 27 office and retail developments with a total of 595,000 square meters (sqm) of gross leasable area (GLA).
This year alone, FLI will add 200,000 sqm of GLA to its portfolio. It currently has 30 projects in the pipeline.
“We are looking forward to the company’s further growth as we complete our investment property expansion plan,” FLI President and Chief Executive Officer Josephine Gotianun-Yap told the Philippine Stock Exchange.
“We expect profitability to increase as our newly opened office buildings and shopping malls stabilize, and additional office buildings become operational within the year. We forecast residential revenues to remain stable,” she added.
FLI shares closed up 9 centavos at P1.50 each.
Source: Manila Times