Sunday, November 16, 2014

Filinvest net income up by 19%

Artist’s rendition of 100 West, Filinvest’s mixed-use tower, set to launch in Makati by year’s end. (Photo: Filinvest Land Inc.)

Raking in P2.89 billion, Filinvest Land Inc. (FLI) posted an increase of 19 percent in its consolidated net income from January to September of this year. The property developer earned P2.44 billion within the same time period in 2013.

Revenue increased by 31 percent, going from P6.97 billion in 2013 to P9.16 billion by September 2014, buoyed by sales of horizontal housing, medium-rise, and high-rise building developments. The company’s Oasis and Studio Zen brands for medium- and high-rise buildings, respectively, were among the top sellers that contributed to the growth.

Meanwhile, revenues from rentals increased by 10 percent, going from P1.5 billion last year to P1.65 billion this year. Josephine Gotianun-Yap, Filinvest's CEO and president, expressed the company’s intent to invest significantly into the rental segment.

“We believe that the rental business will provide the stability of revenue streams. This is why a significant amount of our capex will be earmarked for investment properties. We are targeting to increase our gross leasable area to about 995,000 square meters in five years, which is almost three times our current office and retail space inventory,” according to Gotianun-Yap.

“We are confident of sustained growth for the company as we continue to launch new residential projects and execute our plans to increase offices as well as retail spaces in key locations nationwide,” said the company head.

With 100 West, the company's forthcoming mixed-use high-rise on Sen. Gil Puyat Ave. in Makati, Filinvest states that it is well on its way to launching residential developments worth a total of P17.5 billion by year’s end.



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