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Filinvest Land to start work on P5.2-B projects in Q4

Posted on November 11, 2011 07:28:32 PM [ BusinessWorld Online ]

FILINVEST LAND, Inc. is looking to start work on P5.2-billion worth of projects in the last quarter, the developer said on Friday, as it posted a 15% growth in nine-month profits from yearago levels.

"For the fourth quarter of 2011, another P5.2billion worth of projects are expected to be launched. This will bring total 2011 launches to Php12.1 billion or 17% more than 2010 launches," the Gotianun-led developer said in a statement, adding that the focus will be on condominiums.

The developer cited projects in Ortigas, Pasig City; Sta. Mesa, Manila; Pasay City; Filinvest Corporate City, Muntinlupa City; Cebu City, and Davao City as future developments

Filinvest Land went on to cite office space developments in the pipeline such as the five-storey Filinvest Building in Mandaluyong City and 13-storey Northgate Cyberzone in Muntinlupa City.

This, as the company hiked its core net income by 15% in the January to September period to P1.66 billion from P1.45 billion during the same period last year.

Filinvest Land attributed the growth to brisk real estate sales and rental income from commercial parties.

Revenues for the year’s nine-month period climbed by 17% to P6.138 billion from P5.251 billion, with nearly three-quarters derived from real estate sales, which added 18% to contribute P4.331 billion in revenues. Rental income also leaped by 8% to P1.117 billion so far this year due to higher occupancy rates and growth in the company’s gross leasable area for its projects.

Filinvest Land shares rose by 1.78% to P1.14 apiece on Friday from P1.12 at its previous close. -- Franz Jonathan G. de la Fuente

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