Filinvest Land 2014 profits jump 16 pct

ABS-CBN News

Posted at Mar 12 2015 12:41 PM | Updated as of Mar 12 2015 08:41 PM

MANILA, Philippines - Developer Filinvest Land Inc. reported its consolidated net income rose 16 percent in 2014 to P4.6 billion.

The Gotianun-led company said consolidated revenues jumped 22 percent to a record P16.90 billion, driven by strong growth of its residential businesses and expansion of its office leasing operations.

FLI said it posted P13.2 billion in revenues in 2014 from its residential projects, up 26 percent.

Revenues from rental assets also increased 11 percent to P2.26 billion, as it booked revenues from new office buildings Filinvest One and [email protected] E at Northgate Cyberzone in Alabang.

In 2014, FLI launched P12.5 billion worth of residential projects, including 100 West in Makati City, and horizontal developments in Tarlac, Rizal, Laguna, Batangas and Palawan.

FLI is looking to launch P16 billion worth of new projects this year.

FLI CEO and President Josephine Gotianun Yap said that the firm is on track with its plans to triple its recurring income portfolio by 2019 to about 970,000 square meters.

"We are targeting to increase our gross leasable area to three times our current office and retail space inventory within the next five years. For 2015, we are adding around 67,506 square meters of office space and 85,034 square meters of retail space to our portfolio," she said in a statement.

"The outstanding performance of FLI in 2014 was brought about by the company’s ability to address the needs of homebuyers as reflected in the consistent growth of residential sales and its ability to execute its plans to increase office as well as retail spaces in key locations nationwide," she added.