Filinvest Land, Inc. (FLI) reported a 45 percent fall in attributable net income to P736 million in the first quarter of 2021 from P1.35 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said its first quarter performance resulted in gross revenues softening by 20 percent to P4.54 billion.
Residential revenues declined by 20 percent to P2.47 billion from P3.09 billion in the first quarter last year while overall leasing revenues dipped by 17 percent.
FLI said it saw growth in residential reservation sales to P3.44 billion in the first quarter of 2021 compared to P3.36 billion in the fourth quarter of last year “which signals that demand for the company’s affordable and mid-income housing products remains resilient.”
Filinvest Land plans to retain its stronghold on the affordable segment through its smart-value Futura by Filinvest brand and the mid-income segment through its lifestyle Aspire by Filinvest brand.
The firm has a P30 billion pipeline of residential projects and is looking to expand to new areas across the country such as Bataan, Naga, Dagupan and General Santos.
“We prioritize first time homeowners and the ultimate end users market. Our brands, Aspire and Futura, provide more depth within this market segment through a whole range of housing products addressing budget constraints and lifestyle preferences,” said FLI President and CEO Josephine Gotianun Yap.
She added that, “We are committed to build the Filipino dream and FLI differentiates itself with more sustainable communities of lower density and larger open spaces.”
Capital expenditures for the first quarter amounted to P3.08 billion with 59 percent going to residential developments, 30 percent to office developments and the balance to retail, industrial and logistics parks and land acquisition.
“We remain optimistic that despite the challenges, 2021 will be a better year. We look forward to further growing our residential and leasing businesses, as well as our new initiatives, such as the industrial and logistics parks; as we serve the needs of our stakeholders while observing safety and health protocols,” added Gotianun-Yap.