FILRT profit falls 30% in Q1
By JAMES A. LOYOLA
Filinvest REIT Corporation (FILRT), the commercial real estate investment trust of the Filinvest group, posted a 30 percent drop in net income to P382 million in the first quarter of 2022 from P543.69 million in the same period last year due to lower revenues.
In a disclosure to the Philippine Stock Exchange, the firm said gross revenues declined 16 percent in rental and other revenues to P823.43 million from P980.98 million in the first quarter of 2021.
The decline in total revenues was primarily due to the 13.9 percent decrease in rental revenue to P611.2 million for the period under review from P710.1 million in the first quarter of 2021 and the 21.6 percent drop in other income to P212.3 million in the first quarter of 2022 from P270.9 million in the same period last year.
FILRT noted that, “Prior period revenues include those generated from assets transferred already to FLI.”
“The re-opening of the economy and lower mobility restrictions has been very encouraging for the office leasing business,” said FILRT President and CEO Maricel Brion-Lirio.
She noted that, “Year-to-date, FILRT has signed and renewed the contract of two of our valued tenants with more than 4,300 square meters six months ahead of expiry schedule.”
“We have also signed the Letter of Intent for more than 11,880 square meters of two other multinational blue chip BPO companies. These are indeed good signs that we are headed towards increased occupancies as locators move forward with their expansion plans after being stalled for more than two years,” Lirio added.
FILRT’s portfolio consists of 17 Grade A office buildings totaling over 300,000 square meters of gross leasable area (GLA) valued by an independent appraisal company at P48.5 billion.