Filinvest Land Inc. of the Gotianun Group booked a net income of P1.51 billion in the first quarter of 2018, up 7 percent year-on-year, after expanding its rental portfolio.
FLI said in a disclosure to the stock exchange first-quarter consolidated revenues rose 7 percent to P6.33 billion as rental revenues grew 24 percent to P1.21 billion.
“We are looking forward to the company’s strong growth this year as our newly opened office buildings and shopping malls stabilize. Additional office buildings are expected to be operational and will generate incremental rental revenues this year. We also expect residential revenues to remain stable,” FLI chief executive and president Josephine Gotianun Yap said.
FLI now operates 22 office buildings totaling 348,000 square meters of gross leasable area.
The company has substantially completed two more buildings and are due for turnover, adding 36,000 square meters of office GLA. Nine other buildings are under construction with a total of 263,000 square meters of additional GLA.
FLI, meanwhile, is scheduled to complete Il Corso in Cebu, which will add 33,000 square meters of retail GLA.
FLI said it was on track to meet its target of 1 million square meters of GLA by 2019 and aimed to increase it to 1.5 million square meters by 2022.
FLI is also launching this year P16 billion worth of residential projects in Metro Manila, Rizal, Cavite, Laguna, Batangas, Bulacan, Pampanga, Pangasinan, Zamboanga and Davao.
The development of the Filinvest Mimosa+ Leisure City is in full swing after recently completing one office building out of the planned six.
It launched its first residential tower while construction on a retail mall will soon start for a scheduled operation in 2019.
The property company has earmarked P23 billion for capital expenditures this year. It is spending P9.4 billion for office developments, P2.5 billion for retail malls, P7.8 billion for the residential segment and P3.2 billion for land acquisition.