FLI profit up 16% to P4.6B

MANILA, Philippines - Profits of property developer Filinvest Land Inc. (FLI) jumped 16 percent to P4.6 billion last year behind strong revenues from its residential and office operations.

In a disclosure to the Philippine Stock Exchange, FLI said consolidated revenues surged 22 percent year-on-year to a record P16.9 billion in 2014.

The property arm of the Gotianun family recorded P13.2 billion in revenues from its residential projects, 26 percent more than the P10.48 billion the previous year.

“This was driven by strong demand for wide spectrum of residential product offerings like Futura Homes affordable housing projects, medium-rise buildings that carry the Oasis and Spatial brands, and its Studio Series high-rise buildings,” FLI said.

FLI’s revenues from rental assets, meanwhile, rose 11 percent to P2.26 billion from behind robust revenues from new office buildings.

FLI currently operates 14 buildings and is completing construction of three more office buildings which will increase its office portfolio to 274,971 square meters.

“The outstanding performance of FLI in 2014 was brought about by the company’s ability to address the needs of homebuyers  FLI chief executive officer and president Josephine Gotianun Yap said.

For this year, the property company said it is targeting to launch P16 billion worth of projects.

Yap said FLI is also on track with its plans to triple its recurring income portfolio by 2019 to about 970,000 sqm.

“We are targeting to increase our gross leasable area to three times our current office and retail space inventory within the next five years.  For 2015, we are adding around 67,506 square meters of office space and 85,034 square meters of retail space to our portfolio,” Yap said.