Filinvest Land Inc. (FLI), the listed property development arm of the Gotianun Group, on Monday said its attributable net income for the first quarter grew 9 percent to P741 million from the previous year’s P677.76 million.
Consolidated revenues and other income went up by 9 percent for the period to P4.69 billion from last year’s P4.31 billion as all major business segments posted growth.
“Our company achieved growth in all its business segments during the first quarter of the year, despite challenges arising from high interest rates and inflation. We are optimistic that our efforts will lead to even better results as we sustain our sales activities,” Tristan Las Marias, the company’s president and CEO, said.
The company said it is targeting to launch P16 billion worth of residential projects and to complete 8 office projects within the year.
Residential revenues for the period grew 4 percent to P2.79 billion due to accelerated construction progress and strong performance of its housing projects and medium-rise condo projects. Reservation sales grew by 13 percent to P5.2 billion, the company said.
The mall business expanded by 86 percent to P558 million due to the increase in mall occupancy and rise in shopper traffic, as well as the removal of rental concessions.
Filinvest malls include Festival Mall in Alabang, Main Square in Bacoor, Fora in Tagaytay and Il Corso in Cebu.
Office revenues was flat at P1.16 billion due to newly closed leases.
The company reported in March that its attributable net income last year fell 24 percent to P2.89 billion from the previous year’s P3.8 billion, which included a one-time tax benefit from the Corporate Recovery and Tax Incentives for Enterprises Act.
Consolidated revenues reached P19.94 billion, an 18 percent growth from last year’s P16.86 billion.
Image credits: www.filinvestland.com