Filinvest Land earnings up 18% on real estate sales


Posted at Nov 14 2012 04:53 PM | Updated as of Nov 15 2012 06:59 AM

MANILA, Philippines - Property developer Filinvest Land, Inc. saw its net income surge an annual 18% to P1.967 billion in the nine months to September on sales from the firm's real estate projects.

In a statement, Filinvest Land said total revenues went up 17% to P7.430 billion, bulk of which was comprised by real estate sales which increased 24% to P5.358 billion and rental income from malls and other properties that climbed 17% to P1.302 billion.

The Gotianun-led property firm launched six new projects and eight additional phases of existing projects in January to September.

Filinvest's projects in the pipeline include developments at Timberland Heights, the firm's 677-hectare property in San Mateo, Rizal. The firm is also set to launch its second project in Puerto Princesa, Palawan dubbed as Futura Homes Palawan.

The property company is looking at spending P15 billion for capital expenditures this year for the construction of residential projects, and additional office and retail space.