Filinvest income down by 35% in 9 months

MANILA, Philippines — Filinvest Land Inc. (FLI), the property developer of the Gotianun Group, reported a net income of P2 billion in the January to September period, down 35.4 percent.

Total revenues and other income amounted to P14.19 billion, up eight percent compared to the same period last year.

Residential revenues amounted to P8.98 billion or a 10 percent growth compared to the same period last year, driven by the company’s accelerated construction activities and the strong performance of its housing projects in Cavite, Laguna, and Rizal, and mid-rise condominiums in Metro Manila and Davao.

Filinvest Land president Tristan Las Marias said the company is pleased with the continued growth of the residential business, especially the sustained sales performance of newly opened condominium projects in Dagupan City and Zamboanga City.

“Our investment to increase sales networks, locally and internationally, especially in tested markets like the Middle East and Europe, is driving improvement in reservation sales performance year on year,” Las Marias said.

Reservation sales likewise grew by 15 percent to P14 billion during the period as it launched new residential projects valued at P2.24 billion located in Teresa in Rizal, Naga in Camarines Sur, and San Rafael, Bulacan.

The developer recently launched master-planned condo communities in Dagupan City, and Zamboanga City further strengthened Filinvest Land’s smart-value condo segment.

Futura One at Fora Dagupan and Futura Vinta in Zamboanga are green and sustainable mid-rise condo communities that offers residential units amid refreshing amenities and wide open spaces. Filinvest Land is also poised to enter Bataan within the year.

For the company’s mall business, FLI reported  a 66 percent growth to P1.14 billion in revenues.

The growth in mall revenues was due to the improvement in tenant occupancy and the increase in in-store sales brought about by increased foot traffic.

“With the increase in occupancy and improved performance of our mall business, we are optimistic that we can sustain our recovery trajectory and further increase revenues in the coming months,” Las Marias said.