Filinvest Land, Inc. (FLI), one of the leading real estate developers in the Philippines, has announced positive financial results for the first quarter of 2023.
The company reported a 9% increase in net income attributable to equity holders of the parent, amounting to Php741 million.
Furthermore, total consolidated revenues and other income rose by Php386 million or 9% year-on-year, reaching Php4.69 billion, with all major business segments contributing to the growth.
FLI President and Chief Executive Officer, Tristan Las Marias, expressed optimism despite challenges posed by high interest rates and inflation.
Las Marias highlighted the company’s success in achieving growth across all business segments during the first quarter, and he expects these efforts to yield even better results as sales activities are sustained.
Additionally, FLI aims to expand its business further throughout the year while remaining dedicated to meeting the needs of its customers.
The residential sector experienced a 4% revenue growth, totaling Php2.79 billion. This increase can be attributed to accelerated construction progress and the strong performance of FLI’s housing and medium-rise condo projects. Reservation sales also saw a notable growth of 13%, amounting to Php5.2 billion.
FLI’s mall business witnessed significant growth, with revenues surging by 86% to Php558 million. This increase was primarily driven by higher mall occupancy, an upswing in shopper traffic, and the removal of rental concessions.
FLI’s Lifemalls, including Festival Mall in Alabang, Main Square in Bacoor, Fora in Tagaytay, and Il Corso in Cebu, provide communities with a redefined lifestyle centered around safety, comfort, and convenience.
Office revenues also experienced a modest growth of 0.65%, reaching Php1.16 billion. This increase was due to newly closed leases, indicating a positive outlook for FLI’s office projects.
Looking ahead, Filinvest Land aims to launch Php16 billion worth of residential projects and complete eight office projects within the year. These endeavors showcase FLI’s commitment to expanding its portfolio and meeting the growing demand for high-quality real estate developments.
With its strong financial performance in the first quarter of 2023 and a robust pipeline of projects, Filinvest Land remains well-positioned in the Philippine real estate market. – BusinessNewsAsia.com