FLI nets P5.83BDate: March 22, 2018
Gotianun-led property developer Filinvest Land Inc. (FLI) grew its net profit last year by 9 percent to P5.83 billion on higher rental revenues from its new office and shopping malls.
This net income was achieved through an increase in total revenues to a record P20.27 billion from P19.5 billion in the previous year.
The company attributed the revenue increase to a major expansion of its rental property portfolio and the continued strong demand for its retail and office spaces.
Rental revenues grew by 30 percent to P4.42 billion as the firm booked increased revenues from its new office and retail buildings. Vector Three, located in Northgate Cyberzone Alabang has been completed and turned over, adding 36,000 square meters of gross leasable area (GLA) to the office portfolio.
“We are looking forward to the company’s accelerated growth in 2018 as our new office buildings and shopping malls become operational and generate incremental rental revenues. We also expect residential revenues to remain stable,” FLI chief executive officer and president Josephine Gotianun-Yap said.