By Neil
Jerome C. Morales (The Philippine Star) | Updated August 14, 2013
MANILA,
Philippines - Higher real estate sales carried Gotianun-led property firm
Filinvest Land Inc. (FLI) to a double-digit profit growth in the first half.
FLI’s
earnings expanded 13 percent to P1.72 billion in the first semester from P1.525 billion last year, the company said in
a disclosure.
Real estate
sales jumped 22 percent to P4.7 billion while rental revenues hit P933 million,
up nine percent from a year ago.
“The growth
in real estate sales and rental income fueled the 19-percent increase in total
revenues to P6.179 billion from P5.21 billion,” FLI said.
“The growth
in real estate sales was driven by higher reservation sales, as well as the
completion of more projects that were already sold,” it added.
In the
January to June period, FLI recognized revenues and earnings as it completed
the construction of eight more buildings in five mid-rise building (MRB)
projects.
“At least six
more buildings are expected to be completed by the end of 2013,” it added.
Since
starting the construction of its first MRB project in 2008, FLI has completed
49 buildings in its various MRB projects as of end – June 2013.
FLI also
booked revenues from three high-rise projects: Studio Zen in Pasay City and the
first buildings at Studio City and The Levels, both located in Filinvest City
in Alabang.
The property
firm is targeting to launch P18 billion worth of projects this year through 12
new developments and additional phases of existing projects.
FLI has
almost 50 years of experience in real estate development and is one of the
country’s leading property firms. It has so far developed more than 2,400
hectares of land for more than 140,000 families nationwide.
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