Filinvest Land nets P1.3 billion in Q1

MANILA, Philippines — Filinvest Land Inc. posted a net income of P1.35 billion in the first quarter, down 25 percent from the previous year, dragged down by the impact of the coronavirus-induced community quarantine.

Gross revenues fell 29 percent to P5.15 billion as the lockdown affected operations and delayed construction activities.

Real estate sales revenues declined by 39 percent as a result of lower sales take-up and delays in the completion of the projects during the quarantine.

Rental revenues rose four percent to P1.79 billion, with the growth in office leasing offsetting the decline in retail mall revenues.

FLI’s office buildings continued to enjoy high occupancy rates and remained operational during the quarantine. However, most parts of FLI’s malls were closed beginning the second half of March and for the duration of the lockdown with the exception of essential services such as supermarkets, drugstores and banks.

Following government’s mandate and as support to its tenants, FLI waived rent for establishments which are not operating during the quarantine.

“The country is in a difficult and trying situation. Our focus right now is to serve our customers thru financial relief for our affordable and middle income clients during ECQ as well as new safety protocols and conveniences for our homeowners,” said FLI chief executive officer Josephine Gotianun-Yap.

“As we deal with the effects of the pandemic, we are also reviewing and reassessing our plans.  We will prioritize the completion of projects that are already under construction and projects that address the immediate needs of our clients and homebuyers,” she said.

The FLI president said the company would launch residential projects and selectively expand in new territories within the country.

“We have moved a large part of our planned launches to 2021 though we can easily accelerate their launches if there is an improvement in market demand. We have also allocated resources for the completion of additional office buildings as well as the logistics hub, Filinvest Innovation Park at New Clark City, which we foresee will play a significant role in the shift to e-commerce , and the development of our townships,” she said.