Filinvest Land profit up19%

MANILA, Philippines - Filinvest Land Inc. (FLI), the property arm of the Gotianun family, grew its profit by nearly a fifth in the first nine months of the year, pushed by strong revenues from its residential and BPO office developments.

FLI said it posted a 19-percent hike in consolidated net income in the nine-month period ending September to P2.89 billion, from P2.44 billion in the same period last year.

Revenues also surged to P11.82 billion, up 27 percent year-on-year as it recorded continued robust growth in its residential business as well as the office leasing operations.

The property firm said real estate revenues alone jumped 31 percent to P9.16 billion from P6.97 billion last year.

FLI attributed the higher real estate revenues in the nine-month period to strong sales in its horizontal housing projects and its medium-rise building projects .

For the full year 2014, FLI said it is on track to launch P17.5 billion worth of residential projects.

Among the projects already launched during the period is 100 West, a mixed-use high-rise tower with residential, retail and office components located at Sen. Gil Puyat Ave. in Makati.

Revenues from rental assets, meanwhile, rose 10 percent year-on-year to P1.65 billion from P1.50 billion as the firm recognized additional revenues from its new office buildings, namely Filinvest One and Plaz@ E at Northgate Cyberzone located in Filinvest City in Alabang.  

“We believe that the rental business will provide the stability of revenue streams. This is why a significant amount of our capex will be earmarked for investment properties,” FLI president and chief executive officer Josephine Gotianun-Yap said.

Gotinaun-Yap said FLI is targeting to increase its gross leasable area to about 995,000 square meters within five years, almost three times more than its current  office and retail space inventory.

“We are confident of sustained growth for the company as we continue to launch new residential projects and execute our plans to increase offices as well as retail spaces in key locations nationwide,” she said.