Filinvest Land earns 7% more in Q1
MANILA, Philippines - Gotianun-led property firm Filinvest Land Inc. (FLI) said its net earnings increased 6.5 percent to P1.3 billion in the first quarter on the back of higher rental revenues and lower cost and expenses.
Rental revenues mainly from the firm’s office buildings grew 14 percent to P678 million.
“We are confident of FLI’s steady performance in 2016 as we launch new residential projects that cater to our core market and complete our planned office and retail buildings,” FLI president and chief executive officer Josephine Gotianun-Yap said.
Currently, FLI has 19 office buildings in its portfolio totaling to 275,000 square meters (sqm) and three new buildings will be added this year namely, Vector Three in Alabang and Filinvest Cyberzone Bay 1 and 2 in the Bay Area with aggregate gross leasable area (GLA) of 73,000 sqm.
FLI is also expanding Festival Mall, the biggest mall in Southern Metro Manila, with an additional 100,000 sqm of retail space.
Other retail developments in the pipeline include the 48,000-sqm Fora Mall, 28,000-sqm Center Square Community Mall in Cavite and the 57,000-sqm Il Corso Mall in Cebu.
The company’s retail portfolio is expected to double and reach over 275,000 sqm of GLA by the end of the year.
FLI is investing P14 billion worth of residential projects this year to ensure continued growth in this segment.
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