MANILA – Filinvest Land Inc posted a double-digit growth in profit in the first six months of the year on higher real estate sales.
In a statement, the Gotianun-led property developer said its consolidated net income went up by 15 percent to P2 billion in the first half from P1.74 billion in 2013.
Core revenues increased by 26 percent year-on-year to P7.18 billion on the strength of its core businesses.
Strong sales across its horizontal housing, medium-rise buildings under the Oasis brand and high-rise towers lifted real estate revenues by 30 percent to P6.13 billion in the six-month period from P4.70 billion a year ago.
Rental revenues inched up 7 percent to P1.05 billion from P990 million in the previous year as new office buildings contributed to revenues.
“We expect sustained growth for the company, not only as we continue to launch new residential projects nationwide but also as we keep up with our ongoing expansion plans for additional office as well as retail spaces in selected areas all over the country," said Filinvest Land president and chief executive officer Josephine Gotianun-Yap.
The real estate firm is on course to launch P17.50 billion worth of projects this year. One of the projects unveiled in the first half was 100 West, a mixed-use high-rise tower with residential, retail and office components in Makati.
Filinvest Land is also rolling out another mixed-use development in its Chinatown property, the largest contiguous development in Binondo.
The Filinvest Group is allotting P25 billion for its real estate business comprising of Filinvest Land and Filinvest Alabang Inc, the developer of the 22-hectare Filinvest City in Alabang.
Half of the property group's capex will be deployed to boost the recurring income business while the balance will be for trading assets and landbanking initiatives.
The Filinvest Group is also engaged in the business of financial services, hotels, sugar farming and milling, and power generation.
Source: interaksyon.com
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