Filinvest Land’s net up on brisk sales

FILINVEST Land Inc. said profits for the first nine months of the year rose by double digits on robust sales. In a statement to the Philippine Stock Exchange, the Gotianun family-led property developer said its net income for the first three quarters went up by 29 percent to P622 million. In the first half, profits stood at P296 million.

Gross profit rose 21 percent, while equity in the earnings of unit, Filinvest Alabang Inc., also contributed to growth, the company said, adding sales reservations have increased 23 percent as of October. Fely Ramos, Filinvest Land first vice-president, attributed this growth to the company’s marketing and sales strategies, the financing packages it offered and the overall growth in the Philippine economy. The government also announced lower interest rates for its Pag-IBIG housing loan program to benefit minimum wage earners, as well as employees and professionals such as teachers and police officers, she added. In September 29, Filinvest Land acquired the ownership interest of Filinvest Alabang, Inc. and Filinvest Asia Corp. in three major properties in Metro Manila, namely the PBCom Tower, Festival Supermall, and Northgate Cyberzone. The acquisition has allowed Filinvest Land to diversify its revenue base.