Saturday, April 05, 2008 [ manilatimes.net ]
FILINVEST Land Inc. (FLI) on Friday disclosed that its net income almost doubled last year due to the improvement in sales and rentals.
In a statement, FLI said its profit surged by 95 percent to P1.7 billion as revenues climbed by 46 percent to P5.1 billion year-on-year. Growth was driven by its real estate development business, which comprises 69 percent of the company.
About 7 percent of FLI’s revenues last year came from equity earnings in Filinvest Alabang Inc. (FAI), including the P280 million net gain from the sale of FLI shares during the follow-on offering in February last year.
About 20 percent of total revenues came from rentals in Festival Supermall, PBCom Tower in Makati and business process outsourcing (BPO) office buildings in Northgate Cyberzone in Filinvest Corp. City in Alabang. About 4 percent of the total revenues came from interest and other income.
Of the revenues derived from real estate development, about P1.4 billion or 43 percent came from the middle-income segment, which sells house and lot packages of up to P4 million per unit. The high-end side of the business, which accounted for 33 percent of real estate sales, turned in P1.1 billion.
The socialized and affordable housing business shored up the balance of 24 percent or P748 million, consisting of house and lots priced from P300,000 to P1.5 billion.
At present, FLI has 60 projects generating a sales take up of P5 billion, 35 percent higher than the previous year and the highest level recorded by the firm since the Asian financial crisis.
Last year, the company expanded to new areas like Pampanga, Tarlac and Palawan and offered two new products, one of which is the mid-rise residential building (MRB) development in urban centers.
For this year, FLI has at least 36 new projects in the pipeline with an estimated sales value of P10 billion. -- Likha C. Cuevas-Miel
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