FLI's leasing business continues to weigh down earnings

Published May 16, 2022, 3:09 PM

by James A. Loyola

Gotianun-led developer Filinvest Land, Inc. (FLI) reported an 8 percent drop in attributable net income to P678 million in the first quarter of 2022 from the P736 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said revenues dipped to P4.31 billion in the first quarter of the year from P4.36 billion in the comparative period of 2021.

FLI said residential revenues improved 9 percent to P2.69 billion of residential revenues due to continued construction progress and high reservation sales.

Reservation sales in the first quarter reached P4.39 billion, an increase of 28 percent compared to the same period last year, due to high OFW sales and strong demand for housing products in the Laguna, Cavite, Rizal, Bulacan, and Pampanga market areas.

“We are pleased with the continued growth of our residential revenues, and we expect to sustain this momentum as the economy, both here and abroad, continues to open. Our OFWs are starting to gain traction once again,” said FLI President Tristan Las Marias.

He added that, “We plan to boost our international sales network further and improve our digital and online platforms to reach out to more OFW markets abroad.” “FLI will continue accelerating construction completions and rolling out projects in emerging markets with large unserved housing demand,” Las Marias said.

The firm did not provide figures for its office leasing, mall, and tourism-related businesses.

“We anticipate an improvement in rental revenues going forward now that the traffic has improved in malls and rental concessions will be reduced,” he noted.

FLI aims to expand its leasing business to reach 2.1 million square meters of GLA in 2026 and is ready to launch P30 billion worth of residential projects.