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FILINVEST Land Inc. (FLI) registered a significant
increase in first-quarter profits, rising by nearly half from a year
ago on the back of higher gains from its real-estate business.
In its quarterly financial report
to the Philippine Stock Exchange (PSE), FLI said its net income rose
by 45.5 percent to P430.18 million because of higher income from its
real-estate development and leasing segments.
FLI is a unit of Filinvest
Development Corp., the holding firm of the Gotianun family. The
property firm’s real-estate development revenues rose by 16
percent to P948 million, the bulk of which came from its core
business of socialized, affordable and middle-income housing.
The company said that
“expansion of existing projects, intensive marketing activities,
availability of affordable financing packages, strong OFW demand,”
among others, contributed to higher real-estate sales.
Rental income from commercial
establishments—Festival Supermall, PBCom Tower and Northgate
Cyberzone—amounted to P269 million, a 19-percent increment year on
year.
The growth was due to the two
business process outsourcing (BPO) buildings FLI added to its
portfolio in the second half of 2007—Plaza D and 5132 Building at
Northgate Cyberzone—as well as higher rent charged for contracts
that were renewed.
The company said in a statement
that another BPO building, Ihub 2, is scheduled for partial turnover
this month, and is already fully leased out.
“Given the continued demand for
BPO office buildings, two other buildings, Ihub 3 and 4, are also
under construction at Northgate Cyberzone, while two BPO office
buildings at One Oasis Ortigas are expected to start construction
during the second quarter,” FLI said.
The company announced that it has
lined up over 34 new projects and phases for launch this year, with
an estimated sales value of P10 billion. FLI expects project
launches to pick up in the coming months.
About a billion pesos worth of
these projects have already been launched during the period.
FLI’s shares closed lower
Friday at P1.00 from P1.02 previously.
-Euan Paulo C. Añonuevo
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