Property developer Filinvest Land Inc. (FLI) said Friday its first-quarter net income attributable to equity holders of the parent company grew 14 percent year-on-year to P845 million on the back of a double-digit growth in revenues.
FLI said in a stock exchange filing its consolidated revenues and other income increased 15 percent to P5.4 billion from P4.69 billion in the same period last year as residential and leasing business segments posted healthy growth.
“We are very happy to report that Filinvest Land continued to achieve strong and consistent growth in its residential business segment despite the challenging interest rate environment,” said FLI president and chief executive Tristan Las Marias.
Residential revenues grew 22 percent in the first three months to P3.4 billion on strong sales performance and accelerated construction pace of the company’s mid-income condo projects in Metro Manila and Mindanao.