FLI net income up 21% in 9 months

MANILA, Philippines — Filinvest Land Inc. (FLI), the Gotianun-led listed property developer, recorded a net income of P3.2 billion in the nine months to September, up 21 percent compared to the same period last year.

This was largely due to the strong performance of the residential business segment, said FLI EVP and head of residential business Tristan Las Marias.

The improving business environment also helped boost the company’s nine-month net income, he said.

“The business environment is improving and our growth in sales and revenues in the residential segment mirrors the same trend. We are also more prepared now in our construction sites, which allowed us to sustain our construction progress better this year despite the reimposition of lockdowns,” he said.

Moving forward, FLI sees mobility and business activities improving further this quarter.

“As the economy continues to reopen, we see mobility and business activity further improving in the fourth quarter. We are optimistic that we will be able to sustain our growth momentum onwards,” Las Marias said.

Revenue from residential rose by 23 percent to P8.2 billion, driven by continued construction progress and high reservation sales, which rose by 17.5 percent to P14 billion.

On the other hand, rental revenue remained sluggish at P4.5 billion, with the mall business still impacted by the pandemic.

The company spent P6.7 billion during the nine-month period with 44 percent going to residential developments, 32 percent to office projects, and the balance to retail, innovation/ logistics parks and land acquisitions.

FLI has since built more than 200 residential developments across the country. Its township includes large-scale townships namely Havila (306 hectares), Timberland Heights (677 hectares) and Manna East (60 hectares) in Rizal, Ciudad de Calamba (350 hectares), City di Mare in Cebu (50 hectares) and Palm Estates in Talisay City (51 hectares).

The company also owns 20 percent of Filinvest Alabang, developer of Filinvest City (244 hectares), a central business district in southern Metro Manila.

At present, FLI is also developing two townships in the Clark Special Economic Zone: its industrial and logistics park and mixed-use development at New Clark City (288 hectares) and Filinvest Mimosa+ Leisure City (201 hectares) in partnership with Filinvest Development Corp.