GOTIANUN-led Filinvest Land, Inc. (FLI) saw an 11% increase in its attributable net income for the first half to P1.54 billion from P1.39 billion a year ago, led by its residential projects.
Consolidated revenue for the January-to-June period jumped by 15.8% to P11.49 billion from P9.92 billion a year ago due to the growth of the residential and co-living segments, FLI said in a regulatory filing on Tuesday.
Residential real estate sales grew by 21.8% to P7.38 billion from P6.06 billion a year ago, driven by the construction percentage of completion achieved during the period and accelerated collection.
Reservation sales rose by 16% to P12.84 billion, with FLI’s medium-rise condominiums and economic house-and-lot villages being the top contributors, propelled by a ramp-up in launches, as well as new demand from a higher ceiling on the value-added tax-free segment.
In the first half, FLI launched 10 new projects worth P14.7 billion, nearing its target of having P25 billion in launches this year.
Retail leasing revenues increased by 9% to P1.19 billion, while office leasing revenue fell by less than 1% to P2.29 billion.
FLI’s co-living business, The Crib Clark at Filinvest Mimosa+ Leisure City, generated P116 million in revenue as it continued to fully lease out its 3,312 beds in the first half.
The industrial parks business also continued to deliver rental revenue, with three ready-built factories at the Filinvest Innovation Park in New Clark City expected to be finished by yearend.
“Our robust first-half results show that FLI’s residential business continues to thrive. FLI delivered strong growth amidst the current interest rate environment. We achieved this through the continued strength of our brand, known for value-for-money homes in well-rounded communities across the Philippines,” FLI President and Chief Executive Officer Tristaneil D. Las Marias said.
“We are confident in achieving our targets for the rest of the year and ultimately delivering for all our stakeholders,” he added.
Meanwhile, FLI’s Filinvest Malls Dumaguete is set to open at the 1.9-hectare Marina Town integrated township with a mall, offices, and three medium-rise condominiums.
The company is also eyeing a new mall within the Filinvest Mimosa+ Leisure City by 2025.
On Tuesday, FLI shares were unchanged at 66 centavos per share. — Revin Mikhael D. Ochave
