Friday, August 15, 2008 [ manilatimes.net ]
FILINVEST Land Inc. said its earnings jumped in the first six months of the year on the back of higher sales and mall and office space rentals.
In a disclosure to the Philippine Stock Exchange, the Gotianun-led company said first-half profit rose by 35 percent to P714 million on increases in revenues across all real-estate segments as well as from the mall and office leasing business.
“Total revenues hit P2.33 billion compared to P2.06 billion in the first half of 2007, up 8 percent,” the company said.
Real estate development revenues reached P1.41 billion, while leasing revenues stood at P556 million.
Rental income from its Festival Mall, PBCom Tower and Northgate Cyberzone amounted to P556 million, a 15-percent increase over last year. At end-June, Filinvest Land had a gross leasable area of 118,000 square meters in its portfolio.
Takeup of the company’s residential projects climbed 26 percent to P3.26 billion. To date, Filinvest Land launched a total of 14 projects and phases with total value of P3.3 billion.
The company said about 24 additional projects and phases would be launched in the second half of the year with an estimated sales value of P6 billion. -- Chino S. Leyco
______________________________________________________________________
