August 16, 2024 | 12:00am
MANILA, Philippines — Residential projects boosted the earnings of the Gotianun family’s listed property developer Filinvest Land Inc. (FLI) by double digits in the first half.
FLI reported a consolidated net income attributable to parent of P1.54 billion during the first semester, an 11-percent increase from the previous year.
With the double-digit rise in residential real estate sales and increasing revenues from retail and The Crib co-living spaces in New Clark City, FLI’s revenues and other income expanded by 16 percent to P11.49 billion.
“Our robust first half results show that Filinvest Land’s residential business continues to thrive,” FLI president and CEO Tristan Las Marias said.
“FLI delivered strong growth amidst the current interest rate environment. We achieved this through the continued strength of our brand, known for value-for-money homes in well-rounded communities across the Philippines,” he said.
FLI said gross profit margins from the residential business significantly improved to 51 percent in the first half from 43 percent the year before.
During the six-month period, residential real estate sales climbed by 22 percent year-on-year to P7.38 billion.
FLI launched 10 new projects, including completely new developments as well as sequel buildings and phases of existing ones.
Las Marias said the leasing segments also continue to be value-adding complements to FLI’s business.
Retail leasing revenues rose by nine percent to P1.19 billion
“We are working to enhance our shopping centers with world-class brands and to open new malls in underserved population hubs,” Las Marias said.
“In addition, we remain a trustworthy partner in nation-building as more government agencies lease our premier office spaces to deliver better public services,” he said.
FLI’s office portfolio, comprised of listed company Filinvest REIT Corp. and other subsidiaries, saw leasing revenues slip by one percent to P2.29 billion amid challenges in the sector.
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