Saturday, March 8, 2008 [ philstar.com ]
Filinvest Land Inc. (FLI), the real estate development firm of the Gotianun family, reported an unaudited net income of P1.68 billion last year, up 87.1 percent from the previous year’s P900.9 million.
Based on preliminary financial statements filed with securities regulators, FLI registered real estate sales of P3.2 billion or an increase of 17.7 percent from P2.72 billion a year earlier. This was largely due to higher sales of socialized, affordable and middle-income lots and housing units.
The strong growth was also attributed to aggressive marketing campaigns and promotions and the launch of new projects in the Visayas and Mindanao regions.
FLI, however, noted that the figures are tentative and may still be adjusted once the ongoing financial audit of the company and the examination of its financial statements for the year 2007 are completed.
FLI said the increased sales in the socialized housing sector were due to the launch of the Easy Pabahay program, a scheme where buyers of housing units could readily move in by paying only a minimum reservation fee, with the PagIBIG Fund taking care of the balance.
Interest income rose 31.4 percent to P357.57 million from P272.21 million due to an increase in the amount of receivables and short-term investments held by FLI.
In addition, the decrease in the number of installment contracts receivable that FLI sold during 2007 allowed the company to accrue the full amount of interest due on installment sales which were funded using in-house financing.
Equity in net earnings of an associate amounted to P311.21 million or an increase of 390.2 percent from P63.48 million in 2006.
This was due to an increase in the net income of Filinvest Alabang Inc., a substantial part of which arose from the sale of some of its FLI shares during the successful follow-on offering conducted by FLI in February 2007.
Rental income reached P1.02 billion, up 23.3 percent due to the full-year operations in 2007 of certain investment properties acquired by FLI in September last year.
Expenses meanwhile increased 11.8 percent to P1.49 billion from P1.33 billion.
As of end-December last year, FLI’s total assets stood at P46.33 billion, up 13.5 percent from P40.82 billion as of the same period in 2006.
Long-term debt, on the other hand, amounted to P3.66 billion while stockholders’ equity stand at P36.86 billion or an increase of 26 percent.
FLI has set aside P6 billion for its capital expenditures this year, which include the development of condotels, medium-rise buildings and residential resort communities.
The company is keen on expanding to areas outside Greater Metro Manila, particularly in high growth regional centers to boost sales and expand its reach.
In North Luzon, FLI is developing Somerset Lane in Tarlac and Hampton Orchards and Claremont Village in Pampanga.
Its other projects include Kembali Coast in Samal Island, Davao (a beachfront residential resort that will rise on a 50-hectare proprety); Escala in Cebu and West Palms in Puerto Princesa, Palawan.
