Filinvest Land earnings rise 15 pct in H1

Posted at 08/12/14 1:05 PM

MANILA, Philippines - Property developer Filinvest Land Inc. (FLI) said it posted a consolidated net income of P2 billion in the first six months of the year, 15 percent higher than a year ago.

In a statement, FLI said core revenues jumped 26 percent to P7.18 billion during the first 6 months of 2014, driven by solid performance of its core businesses.

Real estate revenues reached P6.13 billion in the January to June period, 30 percent up from P4.7 billion a year ago. FLI attributed the revenue growth to strong sales in its horizontal housing projects and medium-rise buildings under the "Oasis" brand, and high-rise building projects such as "Studio Zen."

Rental revenues also jumped 7 percent to P1.05 billion in the first half, as FLI recognized additional revenues from new office buildings.

Filinvest Land CEO and President Josephine Gotianun-Yap said the company is planning to further invest in its recurring income portfolio.

"We have earmarked almost half of our 2014 capital expenditures for investments that will increase both office and commercial gross leasing area," Gotianun-Yap said.

FLI is launching P17.5 billion worth of projects this year. In the first half, the company launched projects such as mixed-use development "100 West" along Sen. Gil Puyat Avenue in Makati.

"100 West is the first of the several mixed-use development projects that we plan to launch in the very near future. Strategically located near transportation hubs and along major thoroughfares, these will have spaces designated for residential areas, offices, retail shops and possibly hotels," Gotianun-Yap said.

FLI is also launching a mixed-use development in the Chinatown area, which Gotianun-Yap says will be the largest contiguous development in Binondo."

"We expect sustained growth for the company, not only as we continue to launch new residential projects nationwide but also as we keep up with our ongoing expansion plans for additional office as well as retail spaces in selected areas all over the country," she said.