MANILA, Philippines – Property developer Filinvest Land Inc. registered a 15 percent jump in its net income in the first quarter of this year on the back of improved sales from its real estate business and growing income from its business process outsourcing (BPO) office properties.
Filinvest said its 2014 consolidated first quarter net income rose to P1.08 billion from P950 million recorded in the same period last year.
The increase was attributed to the 20 percent revenue growth to P3.85 billion in the first quarter of this year from P3.20 billion in the first quarter of 2013.
A 25 percent growth was also seen in real estate revenues to P3.05 billion from P2.44 billion due to sales growth of horizontal developments in the middle-income and affordable segments.
Filinvest also gained revenues from its Cebu-based San Remo Oasis and Amalfi Oasis projects in the first quarter.
The Gotianun-led developer earlier said it is allocating P20 billion for capital expenditures this year.
Filinvest president and chief executive officer Josephine Gotianun Yap said half of the capex will be allocated to investments in the recurring income business.
“In addition, we look forward to coming out with mixed use developments, strategically located near transportation hubs that will maximize the use of our urban properties. These will be composed of residences, offices, retail shops and possibly hotels. This is the plan for our 100 West high-rise project on Sen. Gil Puyat Ave. in Makati and our Chinatown property, which will the largest contiguous development in Binondo,” she added.
Filinvest is also planning to launch 22 real estate projects catering to the middle-income and affordable segments, with total value of P17.5 billion this year.