BY KRISTA ANGELA M. MONTEALEGRE REPORTER
[ manilatimes.net ] May 7, 2011
FILINVEST Land Inc. (FLI) reported a double-digit growth in its net income in the first quarter on higher real estate sales and rental income.
In a disclosure to the Philippine Stock Exchange, the Gotianun-led property developer said its profit grew 14 percent in the first three months to P620 million from P545 million in the same period in 2010.
Revenues jumped 20 percent to P1.93 billion from P1.617 billion last year.
Real estate sales, which accounted for 70 percent of revenues, amounted to P1.357 billion, up 26 percent from P1.079 billion in 2010.
The company’s mass housing products continued to enjoy robust demand after sales take-up rose 19 percent to P2.8 billion from P2.4 billion last year.
Rental income generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, contributed P359 million to total revenues, an improvement of 13 percent from last
year.
The growth in rental income was a result of higher occupancy rates of its business process outsourcing (BPO) office buildings at Northgate Cyberzone, as well as contribution from its newest building, Vector One, which started operations in December 2010.
FLI will double its capital expenditure this year to P12 billion to finance the development of its residential and leasing businesses.
The property firm plans to launch P13.2-billion worth of projects, rolling out 17 new projects and 24 additional phases of existing projects. These projects are equivalent to over 14,000 units, almost double the close to 7,300 units launched in 2010.
The company is expanding the gross leasable area of its office portfolio by 37 percent to 206,000 square meters by 2012 upon completion of its projects in the pipeline.
FLI is increasing its commercial retail space with the expansion of Festival Supermall in Filinvest Corporate City, Alabang, and construction of the first phase of Il Corso, the lifestyle retail component of Citta de Mare in the South Road Properties in Cebu.
Upon completion, these projects will add over 50,000 square meters of gross leasable area to the commercial retail portfolio of the company.
FLI shares fell to P1.24 each on Friday from P1.27 on Thursday.
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