Posted on 09:31 PM, May 18, 2010 [ BusinessWorld Online ]
PROFITS OF Filinvest Land, Inc. grew by 14% to P545 million in the first quarter on the back of a double-digit rise in revenues.
“Total revenues amounted to P1.581 billion, 11% more than the P1.429 billion generated during the first three months of 2009,” the property firm said in a statement.
“In spite of the continuing global economic crisis, demand for Filinvest Land’s core business of residential housing for the socialized, affordable and middle-income markets, continued to remain steady,” it added.
Total residential sales reservations for the first quarter grew by 26% to P2.36 billion from P1.87 billion a year ago.
Real estate sales accounted for 68% of total revenues while recurring rental income generated by business process outsourcing offices and mall leasing operations accounted for 20% of total revenues. The balance was accounted for by interest and other income.
Filinvest Land said its new product line, five-storey medium-rise residential buildings, continue to generate higher sales.
The firm led by property tycoon Andrew L. Gotianun, Sr. has doubled its capital expenditure this year to around P7 billion.
Shares in the firm closed lower yesterday at P0.95 from P0.97 each on Friday. -- N. J. C. Morales