Filinvest Land Inc., the property unit of the Gotianun family, booked a net income of P4.22 billion in the first nine months, up 14 percent from P3.7 billion it declared in the same period last year, on the back a double-digit increase in rental income.
Filinvest Land said in a financial report filed with the Philippine Stock Exchange that consolidated revenues increased 10 percent in January to September from a year ago.
Rental income jumped 28 percent to P4.04 billion from P3.15 billion, on higher revenues from newly completed office and retail developments.
The company said its continued focus on the expansion of its rental office and retail property portfolio resulted in recurring income now contributing 48 percent to the company’s net income.
Residential sales were flat at P10.3 billion.
The property firm said it would continue to launch new projects to address the needs of affordable and middle income markets. The new projects this year are in Metro Manila, Rizal, Cavite, Laguna, Batangas, Bulacan, Pampanga, Pangasinan, Zamboanga City and Davao City.
Filinvest Land currently operates 27 office and retail developments covering 595,000 square meters of gross leasable area.
It said that by the end of 2018, about 200,000 square meters of additional GLA would be added to its portfolio.
It also has a pipeline of 30 recurring income developments with 370,000 square meters of additional GLA under construction.
Its office developments can be found mainly in Northgate Cyberzone, Filinvest City, other Metro Manila locations, Cebu City and Clark.
“We are confident of significant growth in our office rental business as we start operating new office buildings and achieve full occupancy in our new major land banks of Cebu, Clark and Metro Manila add to our bedrock Northgate Cyberzone in Filinvest City Alabang,” Filinvest Land president and chief executive Josephine Gotianun-Yap said.
“Residential demand has also been on the rise and we expect this to continue as we expand both geographically and product wise,” she said.
The property firm’s landbank reached 2,165.82 hectares of raw land for development.