Filinvest Land earns P952m

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.

Topics: Filinvest Land Inc. , Gotianun family , net income
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementGMA-Congress Trivia 1