FLI net income up 4% in 2018

MANILA, Philippines — Filinvest Land Inc. (FLI), the publicly listed property arm of Gotianun-led Filinvest Development Corp. (FDC), grew its net income by four percent last year to P6.08 billion.

The company registered revenues of P22.21 billion, up 10 percent with rental revenue growing 27 percent to P5.61 billion.

FLI’s recurring income contributed  46 percent of FLI’s net income in 2018.

FLI chief executive officer and president Josephine Gotianun Yap said the company’s focus on the end-user market is a good strategy.

She said the company remains optimistic on the steady growth of the property sector.

“Our outlook on the property sector remains positive, with our 37 percent year-on-year growth in reservation sales in 2018. We continue to focus on the more stable end-user market in the residential sector. We allocate significant resources toward growing our recurring rental income business, which is on track to meet our target of contributing 50 percent of FLI’s net income,” Gotianun-Yap said.

“Our strategic land bank in Metro Manila, Cebu and Clark provide the platform for FLI’s strategic goal of doubling its leasable area by 2023,” she added.

As of Dec. 31, 2018, FLI operated 31 office and retail developments totaling 712,000 square meters of gross leasable area (GLA).

The company has a pipeline of 21 recurring income developments with 500,000 square meters of additional GLA currently under construction.

FLI is on track to attain its 1.6 million square meter-GLA target by 2023. Its office developments can be found mainly in Northgate Cyberzone-Filinvest City in Muntinlupa, other Metro Manila locations, Cebu City and Filinvest Mimosa+ Leisure City in Clark, Pampanga.

At present, FLI owns 20 percent of Filinvest City (244 hectares), the premier central business district in southern Metro Manila with FDC owning the remaining 80 percent.