Filinvest’s 2017 profit up 9% to P5.83 billionDate: March 22, 2018
Filinvest Land Inc.’s net profit increased by 9 percent to P5.83 billion in 2017 from P5.35 billion the year before.
In a disclosure, the Gotianun-led property developer said its revenues rose 4 percent to P20.27 billion from P19.5 billion in 2016. It attributed the growth to its expanded rental property portfolio and strong demand for retail and office spaces.
Rental income jumped 30 percent to P4.42 billion from P3.36 billion two years ago on account of increased revenue from new office and retail buildings.
These included Vector 3 in Muntinlupa City’s Alabang district, which added 36,000 square meters (sqm) of gross leasable area (GLA) to Filinvest’s office portfolio.
To be added soon are the combined 36,000 sqm from Cebu Cyberzone Tower 2 in Lahug, Cebu City and Cyberzone Mimosa Building 1 in Clark, Pampanga province, once they are turned over this year; and a combined 263,000 sqm from nine office buildings that are being built.
Filinvest currently operates 22 office buildings totaling 348,000 sqm of GLA.
The Fora and Main Square Community malls, which opened last year, added 50,000 sqm to the company’s total retail GLA, raising it to 239,000 sqm. This figure is seen to expand to 280,000 sqm once two more malls begin full operations this year.
On the residential front, Filinvest will launch projects for the affordable and mid-income market. More than 70 percent of its businesses are house and lots and mid-rise buildings.
The company launched P14.6 billion worth of residential projects last year, surpassing the P11.9 billion posted in 2016. This year, it aims to launch P16 billion worth of residential projects.
For its mixed-use development, Filinvest said its 100 West township is in full swing and is envisioned to be the go-to lifestyle place.
Mall and office spaces in the area are expected to be finished in the fourth quarter, while residential units will be finished in 2019.
“We are looking forward to the company’s accelerated growth in 2018 as our new office buildings and shopping malls become operational and generate incremental rental revenues,” Filinvest President and CEO Josephine Gotianun-Yap said in the disclosure.
“We also expect rental revenues to remain stable,” she added.
Source: The Manila Times