Property firm Filinvest Land Inc. reported a 15-percent increase in first-half net income over the year-earlier level on the back of robust sales growth.
The company booked P2 billion in consolidated net income for the first six months of 2014, up from P1.74 billion in the same period last year. Revenue grew 26 percent to P7.18 billion.
Incorporated in 1989, FLI is the property unit of Filinvest Development Corp.
From its real estate segment, revenue came in at P6.13 billion, jumping 30 percent from the year-earlier level of P4.7 billion due to strong sales of horizontal housing and medium-rise building projects.
Rental assets rose 7 percent to P1.05 billion from P990 million due to the company’s new towers, Filinvest One and Plaz@ E located in Filinvest City in Alabang, as well as the existing Filinvest Technology Park in Calamba, Laguna province and commercial lots in Tagaytay City.
CEO and President Josephine Gotianun-Yap said in a statement that the firm has used up “almost half” of its 2014 capital expenditure of P38 billion, mostly on office and commercial projects.
FLI has set a target for this year of launching P17.5-billion worth of projects, and Gotianun-Yap said the company is on track toward that goal.
“We expect sustained growth for the company, not only as we continue to launch new residential projects nationwide but also as we keep up with our ongoing expansion plans for additional office, as well as retail spaces in selected areas all over the country,” she added.
As of end-December last year, the company had presence in 39 locations, with over 100 projects nationwide engaging in township projects that consisted of retail, property and office space. Kristyn Nika M. Lazo