FILINVEST Land, Inc. (FLI) posted a 9% growth in its attributable net income for the first quarter to P741 million as all its business segments recorded growth, the property developer said on Monday.
“Our company achieved growth in all its business segments during the first quarter of the year, despite challenges arising from high interest rates and inflation. We are optimistic that our efforts will lead to even better results as we sustain our sales activities,” Filinvest Land President and Chief Executive Officer Tristaneil D. Las Marias said in a statement.
Consolidated revenues for the quarter increased 8.9% to P4.51 billion from P4.14 billion. Residential revenues went up by 4% to P2.79 billion, driven by construction progress and the strong performance of the company’s housing projects and medium-rise condo developments. Reservation sales rose by 13% to P5.2 billion.
Filinvest Land’s mall business surged by 86% to P558 million in revenues due to an increase in mall occupancy and a rise in shopper traffic, as well as the removal of rental concessions.
Meanwhile, office revenues inched up by 0.65% to P1.16 billion after the newly closed leases for the period.
“The company targets to launch P16 billion worth of residential projects and to complete eight office projects within the year,” the developer said.
On Monday, Filinvest Land shares went up by 1.37% or P0.01 to close at P0.74 apiece. — Adrian H. Halili