Filinvest Land Q1 profit up 21% on strong sales
MANILA, Philippines - Strong sales of its residential projects and higher earnings from its shopping malls and offices helped boost property developer Filinvest Land's first quarter net income to P748 million.
The company's first quarter results were 21% higher than the P620 million it generated during the same period in 2011.
Filinvest's total revenues soared 41% to P2.734 billion in the first quarter of 2012 compared to last year's P1.933 billion.
Growth was attributed to the 50% surge in real estate sales to P2.035 billion during the January to March period this year from year-ago figures of P1.357 billion . Filinvest's rental income from its Festival Supermall, PBCom Tower and Northgate Cyberzone also grew by 14% to P410 million.
Filinvest said the sales take-up in the first three month of 2012 hit P3.2 billion, 15% higher than the P2.8 billion generated during the same period last year.
Filinvest is targeting a 20% growth in profit and sales this year, as it plans to roll out P14.5 billion worth of new projects equivalent to over 12,000 units this year.
New projects include a condotel at Timberland Heights and two new mid-rise building (MRB) projects within Metro Manila.
For 2012, the company allocated P15 billion in capital expenditures. Filinvest already spent close to P2 billion in the first quarter of the year.