MANILA, Philippines - The Gotianun-led Filinvest Land Inc. posted a net income of P1.66 billion in the first nine months of the year, down 16.6 percent from the P1.99 billion recorded in 2010 which included an extraordinary gain.
In a disclosure to the stock exchange, FLI said the 2010 nine-month profit included a P566.11-million one-time gain from the purchase of its former partner’s 40-percent stake in Northgate Cyberzone and a portion of Timberland Heights in February 2010.
Total revenues reached P6.14 billion, up 17 percent from P5.25 billion a year ago as all business segments registered growth. Of the total, 71 percent came from real estate sales, which rose 18 percent to hit P4.33 billion.
Rental income, generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, added P1.12 billion to total revenues, eight percent more than the previous year. The growth in rental income is attributable to higher occupancy rates, as well as an increase in gross leasable area with the operations of Vector One starting December 2010.
Other sources of rental income include the three, ready-built-factories in Filinvest Technology Park in Calamba, Laguna, commercial spaces in Brentville, Mamplasan, Laguna and office space in Ortigas Center in Mandaluyong City.
Interest income fell 9.18 percent to P366.85 million from P403.94 million, largely due to relatively higher bank financing availed of by home buyers during the period.
Other income, however, surged by 103 percent to P322.57 million due to improved recovery of chargeable common expenses from tenants, forfeited reservation fees, service and other fees.
As of end-September this year, FLI’s total consolidated assets stood at P66.75 billion, higher by 7.89 percent
FLI is aggressively growing its portfolio of office space. Vector Two, also located at Northgate Cyberzone, has been completed and has been turned over for tenant fit-outs. It will add close to 18,000 square meters of GLA to FLI’s office portfolio and is expected to start contributing to revenues in January 2012.
The company recently broke ground on its 13th office building at Northgate Cyberzone which will add around 20,000 square meters of GLA in 2013.
Moreover, construction of the five-story Filinvest Building along EDSA in Mandaluyong is in full swing. This 10,000-square meter building is targeted for completion before the end of 2012. FLI also has 3,500 square meters of office space in its Grand Cenia Condotel and Residences, across the Cebu Business Park in Cebu City.
Upon the completion of these projects, FLI will have one of the biggest BPO office portfolios in the country at 235,000 square meters of GFA.