FLI finds key to defying industry’s woes
Demand for its developments outside Metro Manila buoyed the earnings of Filinvest Land Inc. (FLI) last year by 11 percent to P4.17 billion, defying the industry’s overall weakness.
The Gotianun-led developer disclosed to the stock exchange on Thursday that its revenues and other income likewise inched up by 8 percent to P24.45 billion.
“Our residential business remains stable as we continue to deliver housing products that meet the needs of Filipino families for affordability, quality and convenience,” FLI president and CEO Tristan Las Marias said in a disclosure.
FLI, whose residential projects are located mostly outside Metro Manila, said residential real estate revenues rose by 6 percent to P15.39 billion as it completed more projects in the Visayas and Mindanao.
FLI launched 19 projects worth P27 billion last year, including mid-rise condominium Sydney Oasis in Cavite province, Iloilo Centrale township, and Future Homes and Futura Vinta in Zamboanga.
On the retail side, leasing revenues expanded by 15 percent to P2.54 billion, buoyed by higher occupancy rates. According to FLI, ancillary businesses—parking, amusement and cinemas—likewise contributed “considerable growth.”
Leasing revenues from the office segment had a modest 3-percent growth to P4.81 billion on higher net effective rent and occupied gross leasable area.
FLI’s performance notably defied overall weakness in the residential and office industries, which both reached record vacancy rates last year.
Las Marias previously explained they did not expect to be particularly impacted by inventory oversupply woes, especially since most of their projects were located outside the National Capital Region, where vacancy is high.
FLI on Wednesday raised P12 billion from its return to the debt market. Proceeds from its offering will be used to bankroll expansion projects across its residential, retail and industrial segments.
Among its projects in the pipeline are the 24,000-square-meter Filinvest Mall Clark, and residential developments in the provinces of Cavite, Bulacan and Bataan.
