FLI: Drop in Q1 income due to lockdown in major cities

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Property developer Filinvest Land Inc. (FLI) on Thursday said its attributable net income in the first quarter declined by 25 percent to P1.35 billion, from P1.79 billion in 2019, due to the lockdown in major cities starting mid-March.

Gross revenues fell 28 percent to P5.15 billion, from the previous P7.21 billion, as the enhanced community quarantine (ECQ) affected operations and delayed construction activities, it said.

Real estate sales revenues went down 39 percent as a result of lower sales take-up in 2019 and delays in the completion of the projects during the ECQ period.

FLI granted a grace period for homebuyers’ payments as support to its customers during the ECQ period which affected real estate sales.

From January to March, FLI was able to launch three projects worth P2.1 billion which included Tropics 4 Phase 1, a mid-income horizontal development in Cainta, Rizal; Futura Vinta Zamboanga, a mid-rise building development in Zamboanga; and Studio N, a high-rise project in Filinvest City, Alabang.

The plan for the entire year is to launch a total of P13.4 billion worth of residential projects.

“We will prioritize the completion of projects that are already under construction and projects that address the immediate needs of our clients and homebuyers,” said FLI President and CEO L. Josephine Gotianun-Yap.

“The country is in a difficult and trying situation. Our focus right now is to serve our customers through financial relief for our affordable and middle income clients  during ECQ as well as new safety protocols and conveniences for our homeowners. Paramount as well is to ensure the health and financial peace of mind of our employees both direct and indirect.”

Rental revenues rose 4 percent to P1.79 billion, from P1.72 billion last year, with the growth in office leasing offsetting the decline in retail mall revenues.

FLI’s office buildings continued to enjoy high occupancy rates and remained operational during the ECQ period, but most parts of its shopping malls were closed beginning the second half of March and for the duration of the ECQ, with the exception of essential services such as supermarkets, drugstores and banks.

The company waived rent for establishments which are not operational during the ECQ period.

Yap said the company has already moved a large part of its planned launches to 2021 and it hopes to accelerate the launches if there is an improvement in market demand.  

“We have also allocated resources for the completion of additional office buildings as well as the logistics hub, Filinvest Innovation Park at New Clark City, which we foresee will play a significant role in the shift to e-commerce , and the development of our townships,” she said.“We have reconfigured our processes to maximize the use of digital technology that we have implemented in the past to service the needs of our clients and our suppliers.”

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