GOTIANUN-LED Filinvest Land, Inc. (FLI) said it has used P596.98 million from last year’s share buyback proceeds to finance several residential and retail developments across the country.
In a disclosure to the stock exchange, the listed property developer said the funds were applied between July and September, including P138.65 million for the Studio N residential tower in Muntinlupa City and P105.52 million for the Futura Monte project in Naga, Camarines Sur.
It also allocated P70.84 million for the Mimosa Lifestyle Mall in Clark, Pampanga, and for The Levels, a four-tower development in Muntinlupa City.
Other allocations include P67.39 million for Futura Centro, a mid-rise condominium in Metro Manila; P61.4 million for Futura Bay in General Santos City; P51.79 million for Futura One Fora Dagupan in Pangasinan; P40.18 million for Mimosa Golfridge Residential in Clark; P30.17 million for Futura Vinta in Zamboanga; and P27.12 million for 8 Spatial Davao.
As of Sept. 30, about P95.04 million from the buyback proceeds remains available for future projects, FLI said.
The total amount forms part of the P1.86 billion raised from the buyback of FLI shares last year, excluding taxes and transaction costs.
The transaction involved 597.12 million common shares of Filinvest REIT Corp. (FILRT).
Previous disbursements for reinvestment were made in December 2024 (P171.6 million), the first quarter of this year (P537.61 million), and the second quarter (P439.83 million).
FLI, the real estate arm of the Filinvest group, develops housing projects across various market segments, including socialized, affordable, middle-income, and high-end units. It also engages in retail and office leasing.
The company’s attributable net income declined by 3.7% to P1.81 billion in the first half from P1.88 billion a year earlier due to higher costs and expenses.
Meanwhile, FILRT’s first-half net income rose by 8.3% to P1.57 billion on improved operations and the addition of Festival Main Mall in Muntinlupa City to its portfolio.
On Tuesday, FLI shares closed unchanged at 76 centavos apiece, while FILRT shares slipped by 0.31% or one centavo to P3.20 each. — Beatriz Marie D. Cruz