Filinvest Land Inc. (FLI), a member of the Gotianun Group, reported a 22 percent improvement in attributable net income to P2.44 billion for the first nine months of 2023 on the back of growth in its residential and mall businesses.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said its third quarter net income amounted to P1.05 billion, 63 percent higher than second quarter and 32 percent higher than the same quarter last year.
Total consolidated revenues and other income increased by 11 percent year-on-year from P14.19 billion in 2022 to P15.72 billion in 2023 as the property developer’s residential and mall business segments posted healthy growth.
Total consolidated revenues and other income for the third quarter rose 11 percent compared to the second quarter and 15 percent compared to the third quarter last year.
"We are very happy to report that Filinvest Land continued to achieve growth in its residential and retail mall business segments," said FLI President and CEO Tristan Las Marias.
He added that, “our strong and consistent residential performance was made possible by the continuing demand for value-for-money homes. We are also very pleased that the retail mall business continued to grow.”
Residential revenues grew nine percent to P9.83 billion on accelerated construction progress and on the strong performance of FLI’s housing projects and medium-rise condominium projects.
For the period January to September 2023, FLI launched a total of P6.6 billion worth of residential projects in Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, and Zamboanga.
Residential revenues for the third quarter increased 15 percent compared to the second quarter and 20 percent compared to the third quarter last year.
The mall business grew by 57 percent to P1.75 billion due to the increase in mall occupancy and rise in shopper traffic as well as normalized rental rates.
FLI also recognized revenues from its new co-living business in Filinvest Mimosa+ Leisure City.
Office revenues slightly declined by two percent to P3.40 billion due to continuing challenges in the sector from flexible work arrangements.