Business and Economy
Filinvest Land’s 2016 profit hits Php5.35B
MANILA—Filinvest Land Inc. (FLI), one of the country’s largest integrated real estate developers and business process outsourcing (BPO) office providers, booked a 4.9-percent increase in profit in 2016.
FLI told the local bourse its net income reached Php5.35 billion last year from Php5.1 billion in 2015.
Total revenues reached Php19.50 billion, up 7 percent from Php18.30 billion recorded the previous year.
The company said rental revenues grew 15 percent to Php3.38 billion as it booked increased revenues from its office buildings.
Rental income now accounts for 40 percent of net income of FLI.
FLI completed three new buildings in the last quarter of 2015 and these have started to generate revenues in 2016.
It also completed two new buildings in 2016, the Filinvest Cyberzone Bay City 1 and 2 in the Bay area, with 37,000 square meters of gross leasable area (GLA) which have been fully leased out.
FLI now operates 21 office buildings totaling 312,000 square meters of gross leasable area (GLA), a 50-percent increase in the last two years. It is also growing its retail rental space portfolio.
The company opened a community mall in Molino, Cavite, adding 28,000 square meters to its retail portfolio.
Another new mall, the “Fora Mall” in Tagaytay, which will have 48,000 square meters of mall space, is scheduled to open in April 2017.
“FLI is on track to hit its one-million target of office and retail GLA by 2019 and a 50-50 income mix between its rental and trading businesses,” it said.
On the residential side, FLI continues to launch projects that address the needs of the affordable and middle income markets, which remain to be underserved.
It launched residential projects in Metro Manila, Cavite, Rizal, Bulacan, Bacolod, Iloilo and other key locations last year.
To date, FLI has developed more than 2,500 hectares of land and sold more than 160,000 housing units.
“We are happy to report that our plan to triple our recurring income portfolio is beginning to bear fruit as the rental business now provides substantial revenues for the company and mitigates the risks of a cyclical residential market,” FLI Chief Executive Officer and President Josephine Gotianun Yap said.