LISTED property developer Filinvest Land, Inc. booked P3.7 billion net income in the first nine months of the year, 7 percent higher than last year’s P3.46 billion and driven by strong revenue growth amid an expanded rental portfolio.
Revenues in the period rose to P14.52 billion, or 7 percent higher than the P13.6 billion registered in the first nine months of 2016.
“The company attributes the revenue increase to a major expansion of its rental property portfolio and the continued strong demand for its retail and office spaces,” Filinvest told the Philippine Stock Exchange on Monday.
Rental revenues coming from new office and retail buildings grew 31 percent to P3.15 billion from the P2.4 billion recorded a year ago.
Three more towers are expected to be completed and turned over by end-2017, which will add 75,000 square meters (sqm) to Filinvest’s gross leasable area by the end of the year, bringing it to 423,000 sqm.
Filinvest said its retail rental space portfolio has also increased following the recent launch of three malls in South Luzon. The total retail GLA now stands at 211,000 sqm.
“On the residential side, Filinvest continues to launch projects that address the needs of the affordable and middle income markets, which remain to be underserved,” Filinvest said.
To date, more than 70 percent of the company’s portfolio consists of house-and-lot packages and mid-rise buildings in various locations nationwide.
“We remain very positive about the company’s prospects and continued growth as our new office buildings and retail developments are taken up by tenants,” Filinvest President and Chief Executive Officer Josephine Gotianun-Yap said.
“We also expect residential revenues to remain stable,” she added.