FLI reports R1.5-B net profit in quarter

Filinvest Land, Inc. (FLI), one of the real estate arms of the Gotianun group, registered a 7 percent improvement in net income to R1.51 billion in the first quarter of the year.

In a disclosure to the Philippine Stock Exchange, the firm said “this net income was achieved through a 7 percent increase in total revenues to R6.33 billion.”

The company attributed the revenue increase to a major expansion of its rental property portfolio and the continued strong demand for its retail and office spaces.

Rental revenues grew 24 percent to R1.21 billion from R979 million as the firm booked increased revenues from its newly completed office and retail buildings.

Vector Three in Northgate Cyberzone Alabang added 36,000 square meters of GLA to the office portfolio while “Main Square Community Mall” in Bacoor, Cavite and the “Fora Mall” in Tagaytay added 50,000 square meters of GLA to FLI’s retail portfolio.

FLI now operates 22 office buildings totaling 348,000 square meters of GLA while total retail GLA now stands at 239,000 square meters.

On the residential side, FLI continues to launch projects that address the needs of the affordable and middle-income markets and will be launching projects in Metro Manila, Rizal, Cavite, Laguna, Batangas, Bulacan, Pampanga, Pangasinan Zamboanga and Davao worth R16 billion in 2018.

FLI has budgeted R23 billion for capital expenditures this year, with R9.4 billion allocated for office developments, R2.5 billion for retail malls, R7.8 billion for residential developments and R3.2 billion for land acquisition.

“We are looking forward to the company’s strong growth this year as our newly opened office buildings and shopping malls stabilize. Additional office buildings are expected to be operational and will generate incremental rental revenues this year. We also expect residential revenues to remain stable,” FLI CEO and President Josephine Gotianun Yap said.