PROFITS of Filinvest Land, Inc. (FLI) slipped 6% in the third quarter, weighed down by higher costs.
In a regulatory filing yesterday, the listed real estate arm of Filinvest Development Corp. said its net income in the three months to September stood at P1.39 billion. This came amid an 8% increase in total revenues to P5.8 billion, including equity in earnings of an associate and other income.
Real estate sales inched up 5% to P3.76 billion as rental services grew 22% to P1.75 billion.
Costs, operating expenses and interest and other charges amounted to P4.19 billion, 17% higher than last year.
For the nine months to September, FLI’s attributable net income increased 7% to P4.44 billion as total revenues rose 15% to P18.43 billion. Total expenses stood at P12.8 billion, climbing 19% from last year.
In a statement, FLI President and Chief Executive Officer Josephine Gotianun-Yap said the company is expecting its residential trading and office rental businesses to grow further in the remaining months of 2019.
“We look forward to the growth coming from both the traditional and BPO offices, co-working spaces, as well as the entry of new locators and the expansion of existing clients,” she was quoted as saying. — Denise A. Valdez
