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FILINVEST Land Inc. (FLI) on Friday disclosed that its net income
almost doubled last year due to the improvement in sales and
rentals.
In a statement, FLI said its profit surged by 95
percent to P1.7 billion as revenues climbed by 46 percent to P5.1
billion year-on-year. Growth was driven by its real estate
development business, which comprises 69 percent of the company.
About 7 percent of FLI’s revenues last year
came from equity earnings in Filinvest Alabang Inc. (FAI), including
the P280 million net gain from the sale of FLI shares during the
follow-on offering in February last year.
About 20 percent of total revenues came from
rentals in Festival Supermall, PBCom Tower in Makati and business
process outsourcing (BPO) office buildings in Northgate Cyberzone in
Filinvest Corp. City in Alabang. About 4 percent of the total
revenues came from interest and other income.
Of the revenues derived from real estate
development, about P1.4 billion or 43 percent came from the
middle-income segment, which sells house and lot packages of up to
P4 million per unit. The high-end side of the business, which
accounted for 33 percent of real estate sales, turned in P1.1
billion.
The socialized and affordable housing business
shored up the balance of 24 percent or P748 million, consisting of
house and lots priced from P300,000 to P1.5 billion.
At present, FLI has 60 projects generating a
sales take up of P5 billion, 35 percent higher than the previous
year and the highest level recorded by the firm since the Asian
financial crisis.
Last year, the company expanded to new areas
like Pampanga, Tarlac and Palawan and offered two new products, one
of which is the mid-rise residential building (MRB) development in
urban centers.
For this year, FLI has at least 36 new projects
in the pipeline with an estimated sales value of P10 billion.
-- Likha C. Cuevas-Miel
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