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Filinvest Land income rises 24%

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FILINVEST Land, Inc. (FLI) booked a 24% increase in earnings in the January to March period on the back of strong rental and real estate revenues.

In a statement issued Wednesday, the Gotianun-led property developer said net income improved to P1.84 billion in the first quarter of 2019, versus P1.49 billion in the same period last year. Gross revenues also rose 15% to P7.2 billion.

Rental revenue alone jumped 42% to P1.72 billion, thanks to the completion of six office buildings last year which added 118,00 square meters to the company’s gross leasable area (GLA).

FLI has also completed another office building called Axis Two in Northgate Cyberzone in Alabang, covering an additional 39,000 sq.m. This brought its total GLA to 510,000 sq.m. by end-March, about a third of its 1.6-million sq.m. target by 2023.

Meanwhile, real estate sales revenue hit P5.11 billion, 10% higher year on year. The company benefited from its focus on affordable housing brand Futura and middle income brand Aspire.

The company last week broke ground on the 288-hectare New Clark City, a project in partnership with the Bases Conversion and Development Authority. The property will house a 64-hectare innovation and logistics park, as part of FLI’s goal to increase its recurring income portfolio. — Arra B. Francia