FILINVEST Land, Inc.’s attributable net income in 2022 declined by nearly 24% to P2.89 billion from the P3.80 billion it saw in the previous year, due to higher expenses.

In its consolidated income statement filed on Tuesday, the company reported its after-tax income at P3.52 billion last year, down 18.3% from P4.31 billion in 2021.

In a separate press release, the company announced a 12.4% increase in revenues to P19.94 billion from P17.74 billion in the previous year, driven by revenues from its residential business.

“Residential revenue… grew due to accelerated construction progress and strong performance of its housing projects in Cavite, Laguna, and Rizal, and its medium-rise condo projects in Metro Manila and Davao,” the company said.

Real estate sales grew by 13.9% to P12.84 billion from the P11.27 billion reported in 2022.

Reservation sales grew by 13% to P18 billion driven by the launching of seven new residential properties amounting to P5.9 billion in Rizal, Bulacan, Cavite, Pampanga, and Metro Manila.

However, Filinvest Land’s operating expenses also grew by 19.7% to P3.46 billion from P2.89 billion previously.

Mall rental revenues more than doubled to P1.68 billion from P796 million due to mall occupancy growth, a rise in foot traffic, and the removal of rental concessions.

“We anticipate continued growth in mall rental revenues going forward with the improved shopper traffic,” said Filinvest Land President Tristaneil D. Las Marias.

The company also said that rental revenues rose by 13.6% to P6.35 billion from the P5.59 billion it booked the previous year.

Meanwhile, the company’s net income declined by 18% to P3.52 billion including a one-time tax benefit from the Corporate Recovery and Tax Incentives for Enterprises Law.

“We are pleased with the continued growth of our residential business, and we expect to sustain this in 2023. Our efforts to boost our international and local sales networks, as well as our investments on digital and online platforms have proven effective,” Mr. Las Marias said.

“We continue to focus on addressing the needs of our homebuyers,” he added.

On Tuesday, Filinvest Land shares grew by 2.28% or 2 centavos to close at P0.73 apiece. — Adrian H. Halili