Filinvest Land Inc., the real estate arm of the Gotianun family, said second-quarter net income declined 23 percent to P952 million from P1.24 billion in the same period last year as the disruptions brought about by the pandemic weighed on the company’s earnings.
FLI said in a disclosure to the stock exchange second-quarter sales reached P3.66 billion, down 32.4 percent from P5.42 billion a year ago.
Real estate sales from April to June declined 55.7 percent year-on-year to P1.46 billion, while rental revenues were flat at P1.6 billion.
“The second quarter was a most difficult time for the company with ECQ [enhanced community quarantine] limiting the operations of our malls and construction restrictions affecting residential revenue recognition,” FLI president and chief executive Josephine Gotianun-Yap said.
Yap said the group saw a very healthy rebound of residential sales when the country shifted to general community quarantine in June.