By Neil Jerome C. Morales (The
Philippine Star) | Updated August 13, 2014 - 12:00am
MANILA, Philippines - Filinvest Land
Inc. (FLI), the Gotianun family’s property arm, booked a double-digit earnings
growth in the first half, sustaining the growth trajectory it posted early this
year.
In a statement, FLI said its
consolidated net income rose 15 percent to P2 billion in the first half from
P1.74 billion a year ago while core revenues picked up 26 percent to P7.18
billion.
“The company attributes the strong
results to the solid performance of its core businesses,” FLI said.
In the six-month period, real estate
revenues surged 30 percent to P6.13 billion from P4.7 billion a year ago
“driven by robust sales across the board in its horizontal housing projects as
well as in its medium-rise building projects that carry the Oasis brand and
high-rise building projects such as Studio Zen,” FLI said.
Revenues from rental assets rose seven
percent to P1.05 billion from P990 million as the company recognized additional
revenues from its new office buildings in Filinvest City in Alabang.
Other sources of rental revenues came
from Filinvest Technology Park in Calamba, Laguna and commercial lots in
Tagaytay, FLI said.
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“We have earmarked almost half of our
2014 capital expenditures for investments that will increase both office and
commercial gross leasing area,” said FLI president and CEO Josephine
Gotianun-Yap.
Given the continuing strength of the
property sector, FLI is set to introduce this year 22 residential projects
worth P17.5 billion, significantly higher than last year’s 17 projects valued
at P7.5 billion.
Among the projects launched in the
first half is 100 West, a mixed-use development composed of a high-rise tower
with residential, retail and office components in Makati.
100 West is the first of the several
mixed-use development projects that FLI plans to launch. Strategically located
near transportation hubs and along major thoroughfares, these will have spaces
designated for residential areas, offices, retail shops and possibly hotels,
Gotianun-Yap said.
“We expect sustained growth for the
company, not only as we continue to launch new residential projects nationwide
but also as we keep up with our ongoing expansion plans for additional office
as well as retail spaces in selected areas all over the country,” Gotianun-Yap
said.
The property firm allotted P20 billion
for its capital expenditures this year, same level compared with 2013. Of
these, P10 billion is set aside for projects that will boost the company’s recurring
income portfolio, P2 billion for land acquisitions and the remaining for the
completion of ongoing projects.
FLI is one of the leading real estate
firms in the Philippines and is into mall operations, subdivision and
condominium development.
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