MANILA, Philippines - Higher real estate sales carried Gotianun-led property firm Filinvest Land Inc. (FLI) to a double-digit profit growth in the first half.
FLI’s earnings expanded 13 percent to P1.72 billion in the first semester from P1.525 billion last year, the company said in a disclosure.
Real estate sales jumped 22 percent to P4.7 billion while rental revenues hit P933 million, up nine percent from a year ago.
“The growth in real estate sales and rental income fueled the 19-percent increase in total revenues to P6.179 billion from P5.21 billion,†FLI said.
“The growth in real estate sales was driven by higher reservation sales, as well as the completion of more projects that were already sold,†it added.
In the January to June period, FLI recognized revenues and earnings as it completed the construction of eight more buildings in five mid-rise building (MRB) projects.
“At least six more buildings are expected to be completed by the end of 2013,†it added.
Since starting the construction of its first MRB project in 2008, FLI has completed 49 buildings in its various MRB projects as of end – June 2013.
FLI also booked revenues from three high-rise projects: Studio Zen in Pasay City and the first buildings at Studio City and The Levels, both located in Filinvest City in Alabang.
The property firm is targeting to launch P18 billion worth of projects this year through 12 new developments and additional phases of existing projects.
FLI has almost 50 years of experience in real estate development and is one of the country’s leading property firms. It has so far developed more than 2,400 hectares of land for more than 140,000 families nationwide.