Filinvest Land net income down 33%

REAL estate developer Filinvest Land Inc. (FLI) declared that its net income for the fiRST THREE QUARTERS OF 2022 DECLINED BY 33 PERCENT FROM P3.38 BILLION IN 2021 TO P2.27 BILLION IN 2022. The increase in selling and marketing expenses, as well as its general and administrative expenses, were the main factors for the drop in profitability for the company.

Revenues for the first nine months of 2022 grew by 10 percent to P13.66 billion this year from P12.47 billion in 2021. This was mostly driven by FLI’s residential sales in the first nine months of 2022 which was at P8.98 billion, a 10-percent increase compared to the same period last year.

Reservation sales also grew by 15 percent to P14 billion during the period as it launched new residential projects located in Teresa in Rizal; Naga in Camarines Sur; and San Rafael, Bulacan.

“We are pleased with the continued growth of our residential business, especially the sustained sales performance of our newly opened condominium projects in Dagupan City and Zamboanga City,” Filinvest Land President Tristan Las Marias said. “Our investment to increase sales networks, locally and internationally, especially in tested markets like the Middle East and Europe, is driving improvement in reservation sales performance year on year.”

FLI’s mall business grew by 66 percent compared to the same period last year and contributed P1.14 billion in revenues. The growth in mall revenues was due to the improvement in tenant occupancy and the increase in in-store sales brought about by increased foot traffic after the easing of pandemic restrictions.