Filinvest Land Inc. posted P1.08 billion in net income during the first quarter of the year, up 15 percent from a year earlier, mainly helped by sales in real estate and revenues from leasing.
Revenues grew by 20 percent to P3.85 billion from P3.2 billion in the same comparable period, Filinvest Land noted in disclosure to the Philippine Stock Exchange.
Strong growth in sales of horizontal developments in the middle-income and affordable segments boosted real estate revenues by 25 percent to P3.05 billion.
Additional revenues from new office buildings, particularly related to business process outsourcing, supported rental revenues to grow by 9 percent to P540 million from P490 million
Ms Yap reported to the company’s stockholders held in Makati City on May 9 that there are 22 projects mostly in the affordable and mid-income housing segments, worth a combined P17.5 billion.
“FLI has expanding our affordable brand, not just in the greater Metro Manila area but as well as other areas of Luzon, Visayas and Mindanao,” she said.
Filinvest Land’s three-pronged approach in housing with product lines - Futura Homes for affordable housing, mid-rise buildings for the Oasis brand and high-rise buildings had so far mitigated risks as it caters to different lifestyles capturing target markets, she said.
This has given the company's revenues a boost having been growing at a compounded annual rate of 25% in the last five years. The increase in profits led to the 16% jump in total revenues from its residential, office and commercial business units to P13.6 billion in 2013.
In 2013, FLI reported a 14 percent year-on-year net income growth of P4 billion as compared to the P3.5 billion posted the previous year.