Mandaluyong—(PHStocks)—Filinvest Land Inc. (PSE: FLI) sustained its growth in the nine-month period ending September, recording a 19% increase in consolidated net income of PhP2.89 Billion from PhP2.44 billion in the same period last year.
FLI’s revenues surged 27% to PhP11.82 billion from January to September 2014. The company attributes the strong results to the continued robust growth in its residential business as well as the office leasing operations.
FLI recorded real estate revenues of PhP9.16 billion, 31% more than the PhP6.97 billion posted in the same period last year. This was driven by strong sales 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”.
The firm is on track to launch PhP17.5 billion worth of residential projects in 2014. Among the projects launched during the nine month-period was “100 West”, a mixed-use development high-rise tower with residential, retail and office components, conveniently located at Sen. Gil Puyat
Avenue in Makati.
Revenues from rental assets rose to PhP1.65 billion, a 10% increase from the PhP1.50 billion generated in the previous year, as the firm recognized additional revenues from its new office buildings “Filinvest One” and “Plaz@ E” at Northgate Cyberzone located in Filinvest City in
FLI CEO and President Josephine Gotianun Yap said that the firm will be making significant investments in its recurring income portfolio. “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 within five years, which is almost 3 times our current office and retail space inventory,” she said.
Filinvest Land is one of the pioneers in providing office space to BPOs starting with its Northgate Cyberzone in Filinvest City, Alabang.
“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,” noted Gotianun Yap.