LISTED property developer Filinvest Land, Inc. (FLI) logged a 32% increase in its net income for the third quarter amid higher revenues.
In a regulatory filing on Tuesday, FLI said its net income for the quarter increased to P1.05 billion while total consolidated revenues rose 15% to P5.8 billion.
From January to September, FLI said its attributable net income climbed 22% to P2.44 billion while total consolidated revenues and other income rose 11% to P15.72 billion led by growth from its residential and mall business segments.
“We are very happy to report that FLI continued to achieve growth in its residential and retail mall business segments. Our strong and consistent residential performance was made possible by the continuing demand for value-for-money homes. We are also very pleased that the retail mall business continued to grow,” FLI President and Chief Executive Officer Tristaneil D. Las Marias said.
Nine-month residential revenues rose 9% to P9.83 billion led by “accelerated construction progress and on the strong performance of FLI’s housing projects and medium-rise condominium projects.”
“For the period January to September 2023, FLI launched a total of P6.6-billion worth of residential projects in Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, and Zamboanga,” the company said.
FLI’s mall business rose 57% to P1.75 billion carried by the increase in mall occupancy, rise in shopper traffic, and normalized rental rates.
“Filinvest Malls include Festival Mall in Alabang, Main Square in Bacoor City, Fora in Tagaytay City, and IL Corso in City di Mare, Cebu City,” FLI said.
However, the company’s office revenues dropped 2% to P3.4 billion due to continuing challenges in the sector from flexible work arrangements.
Shares of FLI at the local bourse climbed one centavo or 1.79% to 57 centavos apiece. — Revin Mikhael D. Ochave