Filinvest Land: Profit grows to P1.84B

Filinvest Land, Inc. finished the 1st quarter of 2019 strong as they managed to increase their earnings by 24% thanks to their strong rental and real estate revenues.

The Gotianun-led property developer released a statement saying their net income improved to P1.84 billion in the first quarter of 2019, versus P1.49 billion in the same period last year. Gross revenues also rose 15% to P7.2 billion.

The completion of their six office buildings last year, which added 118.000 square meters to the company’s gross leasable area (GLA) helped jumped their rental revenue to P1.72 billion, a 42% growth rate. 

The company’s office developments are mostly located in three main hubs: Northgate Cyberzone in Filinvest City, Muntinlupa; Filinvest Mimosa+ Leisure City in Clark; and Cebu City. FLI’s other office properties in Metro Manila are found along major MRT corridors.

As of end-March, FLI has built more than 200 residential developments across the country. Their real estate sales improved by 10% as they managed to hit P5.11 billion.

“We are pleased with the first-quarter results, as we continue to experience growth in our recurring income business,” FLI President and Chief Executive Officer Josephine Gotianun-Yap said, “[w]e have also achieved growth in real-estate sales, as we continue to focus on the affordable and middle-income markets with our Futura and Aspire home brands, respectively.”

This year, Filinvest Land also allocated P32 billion for their plans of expansion. This includes their venture into transforming a 120-hectare land bank 9,450-ha New Clark City in Pampanga province. They intend to take advantage of the increasing number of Chinese manufacturing companies in the country, as well as address the growing needs of logistics, light manufacturing, technology and e-commerce firms.