FLI profit hits record of P5.83 B as leasing surged

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(Photo from: filinvest.com)

(Source: Manila Bulletin | March 21, 2018)

Filinvest Land, Inc. (FLI), one of the country’s largest real estate developers, reported a 9 percent improvement in net income to P5.83 billion last year on the back of a 4 percent increase in total revenues to a record P20.27 billion from P19.5 billion in 2016.

In a disclosure to the Philippine Stock Exchange, the firm attributed the revenue increase to a major expansion of its rental property portfolio and the continued strong demand for its retail and office spaces.

Rental revenues grew 30 percent to P4.42 billion from P3.38 billion as the firm booked increased revenues from its new office and retail buildings.

Vector Three in Northgate Cyberzone Alabang has been completed and turned over, adding 36,000 square meters of GLA to the office portfolio. FLI now operates 22 office buildings totaling 348,000 square meters of GLA.

Two more buildings have been substantially completed and are due for turnover and will add 36,000 square meters of office GLA. In addition, FLI has nine other buildings under construction with a total of 263,000 square meters of additional GLA.

FLI is also growing its retail rental space portfolio. “Main Square Community Mall” in Bacoor, Cavite and the “Fora Mall” in Tagaytay opened their doors to shoppers last year, adding 50,000 square meters of GLA to FLI’s retail portfolio. Total retail GLA now stands at 239,000 square meters.

In 2018, II Corso in Cebu and the mall component in Marina Town, Dumaguete are expected to be fully operational adding 41,000 square meters of retail GLA.

On the residential side, FLI launched P14.6 billion worth of residential projects in 2017, surpassing launches in 2016 of P11.9 billion. FLI will launch P16 billion worth of residential projects in 2018.

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