Property developer Filinvest Land Inc. (FLI) posted a 16 percent increase in net income last year to P4.6 billion from P3.98 billion in 2013 on strong residential sales and growth in its office leasing business.
In a statement, the company said revenues last year grew 22 percent from a year earlier to P16.9 billion.
“The outstanding performance of FLI in 2014 was brought about by the company’s ability to address the needs of homebuyers as reflected in the consistent growth of residential sales and its ability to execute its plans to increase office as well as retail spaces in key locations nationwide,” FLI president and chief executive officer Josephine Gotianun-Yap said.
Residential sales increased by 26 percent to P13.2 billion from P10.48 billion in 2013 on strong housing demand.
Meanwhile, revenue from its office and retail space business went up 11 percent to P2.26 billion from P2.03 billion a year earlier amid brisk take-up at its new and existing office towers.
To date, FLI’s office portfolio consists of 14 buildings and three more undergoing construction. The three additional buildings will increase the firm’s leasable office space to a total of 274,971 square meters.
This year, FLI targets to launch another P16 billion worth of residential projects from P12.5-billion in 2014.
Besides their residential business, Gotianun-Yap said that FLI is on track in tripling its recurring income portfolio of retail and office buildings in five years toward 2019 to about 970,000 sq m of gross leasable area.
“For 2015, we are adding around 67,506 square meters of office space and 85,034 square meters of retail space to our portfolio,” she said.
At the end of last year, FLI raised P7 billion from the issuance of seven- and 10-year bonds to help finance its capital spending over the next 15 months.
Incorporated in 1989, FLI is the property unit of Filinvest Development Corp. and is mostly engaged in township projects that consist of retail, residential and office spaces.