By Zinnia B. Dela Peña (The Philippine Star) Updated August 13, 2011 12:00 AM
MANILA, Philippines - Gotianun-led Filinvest Land Inc. (FLI) posted a net income of P1.28 billion in the first half this year, up 28 percent from P998 million in the same period in 2010, on brisk real estate sales.
In a financial report submitted to securities regulators, FLI said revenues rose 30 percent to P4.19 billion, 71 percent of which or P2.99 billion came from real estate sales. Rental income, generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, added P738 million to total revenues, 13 percent higher than the year before.
The growth in rental income was attributed to higher occupancy rates and lease rates of Festival Supermall, PBCom Tower and FLI’s BPO office buildings at Northgate Cyberzone, as well as additional buildings available for leasing such as Vector One, with a gross leasable area (GLA) of 18,000 square meters which started operations in December 2010.
As of end-June this year, FLI’s total asset base amounted to P65.41 billion, six percent more than the previous level of P61.87 billion. On the other hand, stockholders’ equity reached P42.03 billion.
FLI’s balance sheet remains very strong with debt-to-equity ratio at only 0.34:1 as of end-June 2011, and net debt-to-equity ratio at 0.31:1.
FLI declared a P0.0196 regular cash dividend and P0.0196 special cash dividend per share, or a total of P0.0392 per share, which was paid on June 7 to stockholders. This year’s cash dividends totaling P951 million represent 39 percent of FLI’s 2010 net income from regular operations. For the past four years, FLI has consistently paid out more than its stated 20 percent dividend policy.
Earlier this year, FLI announced that it was spending P12 billion this year, more than double its capital expenditure budget in 2010. Of the total, the company has already spent P4.1 billion for project development costs, construction of office buildings and landbanking activities.
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