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Tuesday, November 11, 2014

Filinvest Land profit jumps 19 pct in Jan-Sept

Gotianun family-led residential developer Filinvest Land Inc. (FLI) reported its 9-month consolidated net income rose 19 percent to P2.89 billion.

In a statement, FLI said its revenues grew by 27 percent to P11.82 billion from January to September, on the back of continued growth in its residential business and office leasing operations.

Real estate revenues jumped 31 percent in the 9-month period to P9.16 billion, driven by strong sales in its horizontal housing projects and medium-rise building projects under the "Oasis" brand and high-rise buildings such as "Studio Zen."

Revenues from rental assets increased 10 percent to P1.65 billion in the January to September period. This after FLI recognized additional revenues from its new office buildings “Filinvest One” and “Plaz@ E” at Northgate Cyberzone located in Filinvest City, Alabang.

"We believe that the rental business will provide the stability of revenue streams. This is why a significant amount of our capex will be earmarked for investment properties. We are targeting to increase our gross leasable area to about 995,000 square meters within five years, which is almost 3 times our current office and retail space inventory," FLI CEO and President Josephine Gotianun Yap said.

FLI said it is on track to launch P17.5 billion worth of residential projects this year. Among the projects launched so far is 100 West, a mixed-use development high-rise tower along Sen. Gil Puyat Avenue in Makati.

"We are confident of sustained growth for the company as we continue to launch new residential projects and execute our plans to increase offices as well as retail spaces in key locations nationwide," Gotianun Yap said.

- ABS-CBN News

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