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FILINVEST Land, Inc. (FLI) posted a 45% decline in net income attributable to equity holders in the first quarter as residential revenues continue to fall.

The net income attributable to equity holders fell 45% to P736 million in the first three months compared with P1.35 billion in the same period last year, the company said in a disclosure to the stock exchange on Monday.

Gross revenues dropped by 20% to P4.54 billion as residential revenues fell by 20% to P2.47 billion.

The listed property developer said that residential sales inched up 2.4% to P3.44 billion in the first quarter compared to the preceding three months, signaling demand for affordable and mid-income housing.

The company has a P30-billion residential project pipeline as it looks to expand to Bataan, Naga, Dagupan, and General Santos.

“We prioritize first time home owners and the ultimate end users market. Our brands, Aspire and Futura, provide more depth within this market segment through a whole range of housing products addressing budget constraints and lifestyle preferences,” FLI President and Chief Executive Officer Josephine Gotianun-Yap said.

The company’s capital expenditures for the first quarter amounted to P3.08 billion, with 59% going to residential development and 30% to office developments.

“We remain optimistic that despite the challenges, 2021 will be a better year. We look forward to further growing our residential and leasing businesses, as well as our new initiatives, such as the industrial and logistics parks; as we serve the needs of our stakeholders while observing safety and health protocols,” Ms. Gotianun-Yap said.

FLI in 2020 posted a 41% fall in net income attributable to equity holders to P3.73 billion after the company noted the effects of the pandemic on the property sector.

Shares in FLI went up 1.85% or two centavos to P1.10 apiece on Monday. — Jenina P. Ibañez