STEADY rental revenues helped boost Filinvest Land, Inc.’s (FLI) profit by 7% in the first six months of the year. 

In a statement on Thursday, the Gotianun-led real estate developer reported its consolidated net income hit P2.47 billion for the January to June period from the P2.31 billion logged for the same period last year.

Consolidated revenues for the first half increased by 5% to P9.21 billion, from P8.70 billion a year ago. 

FLI said the profit growth was driven by a 13% rise in rental revenues to P1.52 billion, as revenues from its office buildings increased. 

FLI has three new office buildings that are ready for occupancy in 2016: Vector Three in Alabang, and Filinvest Cyberzone Bay City 1 & 2 in Pasay. These buildings have started to generate revenue in the first six months of the year but the full-year revenue is expected to be consolidated in 2017. 

“We are looking forward to the company’s growth in 2016 as our new office buildings generate incremental revenues. We also expect residential revenues to remain stable,” Filinvest Land CEO and President Lourdes Josephine T. Gotianun-Yap was quoted in the statement as saying. 

Source: BusinessWorld
By: Lucia Edna P. de Guzman