• Filinvest to boost recurrent income after P4-B profit

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    FILINVEST Land Inc. (FLI) will boost its recurrent earnings by expanding further its commercial and retail portfolio, president and chief executive officer Josephine Gotianun-Yap said Tuesday.

    Last year, FLI made a net profit of P4 billion, up 14 percent from a year earlier.

    Revenue for 2013 surged 16 percent to P13.6 billion, underpinned by a 19 percent jump in sales of residential units. Rental Income contributed P2.03 billion to total revenues in 2013, 8 percent higher from a year earlier.

    Expanding its commercial and retail portfolio is one of its major growth strategies in the future, Gotianun-Yap said.

    “In tandem with growth of FLI’s residential development business, we are now aggressively building up our recurring business with a much wider geographic coverage,” she added.

    She said the company wants to more than double its gross leasable premises over the next five years.

    To achieve this target, FLI has acquired properties that are strategically located throughout Metro Manila, specifically along or close to transportation lines and hubs, she said.

    “We are also adding commercial and retail spaces in strategic locations in Cebu and other selected areas. As such, about half of our capital expenditure program will go to investments to strengthen our recurrent income,” she added.

    The company’s total assets as of end-December were 19 percent higher at P98.1 billion, while stockholders’ equity stood at P49 billion.

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