By James A. Loyola
Filinvest Land, Inc. (FLI) of the Gotianun family registered a 24 percent increase in net income to P1.84 billion in the first quarter of 2019 from P1.49 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm reported a 15 percent rise in gross revenues to P7.20 billion, driven by a 42 percent increase in rental revenue, which reached P1.72 billion, and a 10 percent increase in real estate sales revenue, which amounted to P5.11 billion.
“We are pleased with the first quarter results as we continue to experience growth in our recurring income business,” FLI President and CEO Josephine Gotianun Yap said.
She added that, “last year, we completed the construction of six office buildings, with a gross leasable area (GLA) of 118,000 square meters which has contributed to our improved financial results.”
Yap said “we have also achieved growth in real estate sales revenues as we continue to focus on the affordable and middle income markets.”
FLI has substantially completed another office building, Axis Two, in Northgate Cyberzone, adding 39,000 square meters of GLA to its office portfolio and bringing FLI’s total office GLA to 510,000 square meters.
The firm also plans to expand to logistics and industrial parks as part of its recurring income portfolio to address the growing needs of logistics, light manufacturing, technology, and e-commerce companies looking to support inventory management.
FLI recently broke ground for its 288-hectare development in New Clark City, a joint venture with the Bases Conversion and Development Authority.
This year, FLI expects to commence construction of Phase 1 of Filinvest at New Clark City, a 64-hectare innovation and logistics park which is envisaged to serve as the economic base of the New Clark City development.
Completion of Phase 1 of Filinvest at New Clark City is targeted for the first quarter of 2020.(JAL)