Posted May 5th, 2012 by Jenniffer B.
Austria
[ manilastandardtoday.com]
Homebuilder Filinvest Land Inc. said
Friday net income in the first quarter jumped 20.6 percent to P748 million from
P620 million in the same period last year, on higher real estate sales and
rental income.
The company said in a disclosure to
the stock exchange revenues jumped 41 percent to P2.73 billion in the
three-month period from P1.93 billion a year ago, as real estate sales rose 50
percent to P2.03 billion and rental income went up by 14 percent to P410
million.
Reservation sales reached P3.2 billion
in the first quarter, or 15 percent higher than the P2.8 billion generated
during the same period last year.
The property firm spent close to P2
billion in capital expenditures in the January-March period, up by 47 percent
from a year ago.
It said capital spending was expected
to accelerate in the coming quarters as the expansion of Festival Supermall and
construction of Il Corso lifestyle strip at Citta di Mare in Cebu begin.
The company has recently won the bid
to develop a 1.2-hectare property owned by the provincial government of Cebu in
Lahug, Cebu. The project will involve the construction of four business process
outsourcing buildings, with the first building targeted to break ground in
second quarter.
(Published in the Manila Standard
Today newspaper on /2012/May/05)
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