FLI income lower last year

MANILA, Philippines — Filinvest Land Inc. (FLI), the property development firm of the Gotianun group, reported a net income of P2.8 billion, down from P3.8 billion a year ago.

This reflected a 24 percent decline although net income before tax increased by 20 percent to P4.25 billion.

Consolidated revenues reached P19.94 billion, up 12 percent as both residential and mall leasing performed well.

Residential revenues grew 14 percent to P12.84 billion due to accelerated construction progress and strong performance of its housing projects in Cavite, Laguna, and Rizal, and its medium-rise condo projects in Metro Manila and Davao.

FLI president Tristan Las Marias said efforts to boost international and local sales networks, as well as investments on digital and online platforms have proven effective.

“We continue to focus on addressing the needs of our homebuyers,” Las Marias said.

Reservation sales grew by 13 percent to P18 billion as FLI launched seven  new residential projects valued at P5.9 billion located in Teresa in Rizal, San Rafael in Bulacan, Cavite, Pampanga and Metro Manila. It also launched its first project in Naga, Camarines Sur.

The return of foot traffic boosted mall rental revenues to P1.68 billion, more than double the P796 million in 2021.

This was due to improvement in its malls’ occupancy and foot traffic, as well as the removal of rental concessions.

“We anticipate continued growth in mall rental revenues going forward with the improved shopper traffic,” said Las Marias.

On the other hand, office leasing revenues declined by three percent to P4.67 billion due to challenges in relation to hybrid work arrangements.

Nonetheless, the company was able to sign new leases for Filinvest REIT and non-FILINVEST REIT office buildings totaling 19,670 square meters. It was able to renew 28,370 sqm or 90 percent of expiring leases in 2022.

For this year, the company was able to sign new letters of intent from traditional and BPO multinational companies to lease almost 17,000 sqm of office space.

More than 18,400 sqm or 33 percent of the lease expiries for 2023 have already been renewed as of end-February The balance is due for renewal during the remainder of the year.

At present, FLI’s total land bank is 2,356 hectares including leased land for development which the company expects to roll out in the next five to 10 years

depending on absorption.