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Saturday, March 2, 2024

Filinvest Land posted higher profit in 3 quarters

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Property developer Filinvest Land Inc. (FLI) said Tuesday net income attributable to equity holders of the parent reached P2.44 billion in the first three quarters of 2023, up by 22 percent from the same period last year. 

Third-quarter net income amounted to P1.05 billion, or 63 percent higher than in the second quarter and 32 percent in the third quarter last year.

Consolidated revenues and other income increased 11 percent year-on-year from P14.19 billion in 2022 to P15.72 billion in 2023 as the developer’s residential and mall business segments posted healthy growth. 

Consolidated revenues and other income in the third quarter rose 11 percent from the second quarter and 15 percent from a year ago.

“We are very happy to report that Filinvest Land continued to achieve growth in its residential and retail mall business segments. Our strong and consistent residential performance was made possible by the continuing demand for value-for-money homes. We are also very pleased that the retail mall business continued to grow,” said FLI president and chief executive Tristan Las Marias.

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Residential revenues grew 9 percent to P9.83 billion on accelerated construction progress and on the strong performance of Filinvest Land’s housing projects and medium-rise condominium projects.

FLI launched P6.6 billion worth of residential projects in Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato and Zamboanga in the first nine months. 

Residential revenues in the third quarter increased 20 percent compared to the third quarter last year.

The mall business grew by 57 percent to P1.75 billion on higher mall occupancy, rise in shopper traffic and normalized rent.

Filinvest Malls include Festival Mall in Alabang, Main Square in Bacoor City, Fora in Tagaytay City, and IL Corso in City di Mare, Cebu City.

FLI also recognized revenues from its new co-living business in Filinvest Mimosa+ Leisure City.

Office revenues slightly declined 2 percent to P3.40 billion on continuing challenges in the sector from flexible work arrangements.

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