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Filinvest Land reports higher six-month income
Property developer Filinvest Land Inc. said Thursday its net profit rose 35 percent to P714 million in the first six months, boosted by strong real estate sales and rental income from offices and mall properties.
In a statement to the Philippine Stock Exchange, the Gotianun-led firm said it generated a total revenues of P2.33 billion, up 8.0 percent from P2.06 billion in the previous year.
Real estate revenues jumped to P1.41 billion from P556 million. The company said its affordable and middle-income housing as well as its lot packages continued to account for bulk of total real estate revenues at 71 percent. The balance was contributed by high-end projects, farm estates, industrial lots and entrepreneurial housing.
Rental income from its Festival Mall, PBCom Tower and Northgate Cyberzone amounted to P556 million, a 15-percent increase over last year. As of end-June, Filinvest Land had a gross leasable area of 118,000 square meters in its portfolio.
Take-up of the company's residential projects, meanwhile, climbed 26 percent to P3.26 billion. To date, Filinvest Land launched a total of 14 new projects and phases with total value of P3.3 billion.
About 24 additional projects are targeted for launch in the second half of 2008. These have an estimated sales value of P6 billion.
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