Filinvest Land 2015 profit hits P5.1 billion
MANILA – Filinvest Land, Inc. (FLI), one of the country’s largest residential developers and business process outsourcing (BPO) office providers, booked an 11-percent increase in profit last year, boosted by strong local demand and reduced financial cost.
FLI told the local bourse its net income reached Php5.10 billion from Php4.61 billion in 2014 after consolidated revenues rose 7 percent to Php18.3 billion.
The company attributed higher profit on the continued strong demand for its BPO office space, the growth in revenues recognized from its residential sales business, and its ability to manage costs.
Revenues from rental assets rose 12 percent to Php2.95 billion on increased revenues from its office buildings. This is in line with FLI’s target to triple its recurring income portfolio from its 2014 levels to one million square meters of leasable space by 2019.
FLI is also growing its retail rental space portfolio. At present, Festival Mall in Alabang is the biggest mall in the south of Metro Manila with over 135,000 square meters of retail space. Aside from the Festival Mall expansion, retail developments are underway all over the country.
By the end of 2016, FLI’s retail portfolio is expected to double, reaching more than 275,000 square meters.
To ensure growth in the residential sales business, FLI will continue to launch projects that address the needs of its core markets which are the first time home buyers and ultimate end-users.
“We are confident that we will be able to sustain FLI’s growth momentum in 2016 as we launch new residential projects and complete our planned office and retail buildings. We are on-track with our plans to triple the GLA (gross leasable area) of our rental assets by the end of 2019,” FLI Chief Executive Officer and President Josephine Gotianun Yap said. (PNA)