MANILA, Philippines - Filinvest Land Inc. (FLI), the property company of the Gotianun family, reported a 12 percent increase in consolidated net income in the first nine months of the year to P3.24 billion.
In a disclosure to the Philippine Stock Exchange (PSE), FLI attributed the profit growth to its ability to manage costs.
FLI booked higher revenues of P12.71 billion, eight percent more than the P11.82 billion generated last year on the back of strong demand for BPO office space.
Real estate sales rose seven percent to P9.16 billion as revenues from rental assets went up eight percent to P1.79 billion.
The higher revenues came from its office building “Plaz@ E” at Northgate Cyberzone located in Filinvest City, Alabang.
General, selling and marketing expenses declined eight percent.
Moving forward, the company will continue to launch residential projects that address the needs of its core market, which includes first time homebuyers and ultimate end-users.
These projects include Enclave Alabang, a 10.5-hectare housing development in Daang Hari; Futura Homes Mactan, a 4.3-hectare affordable housing development in Cebu; and Studio 7, a mixed-used development located on EDSA near the GMA-Kamuning MRT station in Quezon City.
The company also launched Fora Residences, a 330-unit condominium which will be part of “Fora,” a mixed-used development situated at the main rotunda of Tagaytay.
For its retail rental space portfolio, FLI’s planned retail developments include the 32,000 square meter Fora Mall and the 36,000 sqm Il Corso Mall , the seaside lifestyle mall located in City di Mare.
City di Mare is a township development at the South Road Properties in Cebu.
FLI CEO Josephine Gotianun Yap said the company is on track with plans to triple the gross leasable area of its rental assets by the end of 2019.