PROPERTY developer Filinvest Land Inc. (FLI) reported a 15 percent growth in consolidated net income for the first half of the year driven by strong revenues from its office leasing business and residential sales.
The Gotianun-led company posted consolidated net income of P2.32 billion for the first half against P2.01 billion in the same period last year. Consolidated revenues amounted to P8.70 billion, up 12 percent from P7.8 billion a year ago.
FLI said that increase in earnings was mainly driven by strong demand for its BPO office space and growth in revenues from its residential sales business.
Revenue from real estate sales amounted to P6.64 billion, 8 percent higher than the P6.13 billion posted last year, while revenue from rental assets rose 14 percent to P1.20 billion.
Its office developments such as the Plaz@ E at Northgate Cyberzone in Filinvest Alabang also contributed to the strong performance of the company.
FLI currently operates 14 buildings in Northgate Cyberzone and one building on EDSA in Mandaluyong, all of which are fully occupied.
Three additional buildings with a combined gross leasable area (GLA) of 67,000 square meters are slated for completion in the next few weeks and are already being pre-leased. This will increase the company’s office portfolio by at least 33 percent.
Filinvest targets to launch P16 billion worth of residential projects for the year and has already launched P6 billion worth of projects in the first half of the year.
Some of the developments to be launched this year are Futura Homes Mactan, a 4.3-hectare affordable housing development located in Cebu; Studio 7, a mixed-used development located in Quezon City; and Fora Residences, a 330-unit condominium situated at the main rotunda of Tagaytay next to the soon-to-rise Fora Mall.
Filinvest CEO and president Josephine Gotianun-Yap said that they are also planning to expand their retail space rental business.