FLI 2019 profit rises to ₱6.3 B

Filinvest Land, Inc. (FLI), the property arm of Gotianun-led Filinvest Development Corporation (FDC), registered a 7 percent increase in attributable net income to ₱6.28 billion last year from the ₱5.89 billion earned in 2018.

In a statement, the firm said it posted a 16 percent growth in gross revenues to ₱25.67 billion in 2019. This was driven by a 25 percent increase in rental revenues to ₱7.01 billion and an 18 percent rise in residential revenues to ₱17.01 billion.

Residential revenue growth is attributed to the high sales take-up levels in 2018 as well as the completion of mid-rise and high-rise residential buildings in 2019.

This was brought about by strong demand for FLI’s range of residential product offerings which includes affordable housing projects, mid-rise building communities, and highly accessible high-rise communities.

Meanwhile, rental revenue growth was on the back of the completion of 2 new office buildings that brought FLI’s total to 30 office buildings equivalent to 524,00 square meters of gross leasable area (GLA).

“We are satisfied with our 2019 performance as both our residential sales and recurring income businesses reflected growth,” said FLI CEO and President Josephine Gotianun-Yap.

She noted that, “The first quarter of 2020 has been challenging for our country with notable calamities such as earthquakes in Mindanao, the Taal Volcano eruption and most specially the global health crisis that is COVID-19.”

Thus, Gotianun-Yap said “We have revised our project lineup and have moved some launches originally scheduled for the second half of 2020 to 2021. As a result, our capex is expected to reach ₱16 billion for the year.”

This year’s capex budget is just half of the ₱32 billion the firm had programmed to spend in 2019.

However, she noted that, “We will go ahead with residential projects in new geographies within the country. We have also allocated a significant amount of this year’s resources for the completion of additional office buildings, the innovation park, as well as the development of our townships.”

“All of these signify our confidence that our company and the country will be able to hurdle the challenges ahead of us,” Gotianun-Yap said.