Filinvest Land net income rises 6.7% to P3.46B

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GOTIANUN-LED Filinvest Land Inc. (FLI) reported a 6.7 percent increase in consolidated net income in the first nine months of the year on higher rental revenues.

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The company told the Philippine Stock Exchange on Friday that net income in the period rose to P3.46 billion while consolidated revenues increased 6.5 percent from a year ago to P12.5 billion.

Rental revenue from mall and office spaces climbed 14 percent to P2.28 billion, mainly due to higher rental revenue generated by Cyberzone Properties Inc. from its Northgate Cyberzone buildings, while real estate sales increased 5 percent to P10.2 billion.

FLI said it has just completed two new office buildings in the Bay Area totaling 37,000 square meters of gross leasable area (GLA). “By the end of 2016, FLI’s office portfolio will reach 348,000 GLA or around 70 percent more than 2014 levels,” it said.

At present, the company operates 21 office buildings with a total GLA of 312,000 square meters.

FLI president and chief executive officer Josephine Gotianun-Yap said, “We are confident of sustained growth for the company as we continue to launch new residential projects in key locations nationwide.”

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