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Filinvest Land profit flat; core income up 21%

Posted on March 16, 2012 05:55:50 PM [ BusinessWorld Online ]

LISTED DEVELOPER Filinvest Land, Inc. reported a barely-changed net income of P2.94 billion last year versus 2010 as an uptick in sales expenses for the period offset a gain in total revenues, a disclosure to the local bourse showed on Friday.

The Gotianun-led developer said it earned P2.94 billion in net profits in 2011, 0.34% down from P2.95 billion booked in 2010, mainly due to an increase in total costs and expenses that rose by 18.43% to P6.17 billion year-on-year.

However, core net income, rose by 20.99% to P2.94 billion in 2011 from the P2.43 billion recorded the year previous.

Filinvest Land's total revenues, mostly real estate sales and rental income, advanced by 17.68% to P9.65 billion from P8.20 billion in 2010, the disclosure read.

"The growth came primarily from the 23% rise in real estate sales to P6.95 billion from P5.65 billion. Rental income, generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, on the other hand, contributed P1.54 billion to total revenues, representing a 9% growth over 2010's P1.41 billion," Filinvest Land said.

Moving forward, the company aims to spend P15 billion in capital expenditures this year, 25% higher than the P12 billion spent last year. This year's capes is meant for 14 new projects and 19 additional phases of existing residential, office, and retail projects.

This includes a planned condotel in its Timberland Heights residential development in Rizal and two mid-rise projects within Metro Manila, Filinvest Land said.

Filinvest Land, formerly known as Citation Homes, Inc., was incorporated in 1989 to engage in real estate development, with business segments divided into real estate and leasing segments.

Filinvest Land shares were traded unchanged at P1.24 apiece on Friday. -- Franz Jonathan G. de la Fuente

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