Residential sales boost Filinvest Land's 2014 net income
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MANILA – Filinvest Land Inc’s (FLI) earnings last year grew in the mid-teens on the strength of residential sales.
In a disclosure to the Philippine Stock Exchange, Gotianun-led FLI said it earned P4.60 billion in 2014, a 16 percent increase from the P3.98 billion the prvious year.
Revenue rose by more than a fifth to P16.90 billion, of which P13.20 billion came from residential sales, which increased by 26 percent from the P10.48 billion in 2013.
Sales came from its Futura Homes affordable housing projects, medium-rise buildings that carry the “Oasis” and “Spatial” brands, and its Studio Series high-rise buildings. FLI launched P12.5 billion worth of residential projects last year.
Rental revenue from its office segment increased by 11 percent to P2.26 billion from the previous year’s P2.03 billion, with the growth coming from new buildings such as the “Filinvest One” and “Plaz@ E”, both at the Northgate Cyberzone in Filinvest City Alabang, Muntinlupa.
To date, FLI has 14 office buildings, with three more in the pipeline, completion of which would increase the company’s portfolio to 274,971 square meters.
For this year, the company aims to launch P16 billion worth of projects, on track to hitting its plan of having a recurring income portfolio of 970,000 square meters by 2019.
“We are targeting to increase our gross leasable area to three times our current office and retail space inventory within the next five years. For 2015, we are adding around 67,506 square meters of office space and 85,034 square meters of retail space to our portfolio,” said FLI chief executive Josephine Gotianun-Yap.
“The outstanding performance of FLI in 2014 was brought about by the company’s ability to address the needs of homebuyers as reflected in the consistent growth of residential sales and its ability to execute its plans to increase office as well as retail spaces in key locations nationwide,” she added.