Higher real estate sales lift Filinvest Land's H1 profit by 28%


Posted at Aug 12 2011 05:54 PM | Updated as of Aug 13 2011 01:54 AM

MANILA, Philippines - Earnings of Gotianun-led Filinvest Land Inc. grew 28% in the first half of 2011 to P1.28 billion, boosted by higher property sales.

In a statement, Filinvest Land said its total revenues reached P4.19 billion, up 30% year-on-year, and 71% of which was accounted for by real estate sales.

Real estate sales rose 36% to P2.99 billion, the company said. Rental income from its Festival Supermall, PBCom Tower and Northgate Cyberzone jumped 13% to P738 million.

Filinvest Land spent P4.1 billion for capital expenditures during the January to June period, consisting mainly of project development and land banking costs.

This year, the company is targeting to launch P13 billion worth of projects, 29% more than the value of projects unveiled in 2010. This year's projects include three new mid-rise buildings.

By the end of next year, meanwhile, Filinvest Land plans to expand its total office space portfolio to 206,000 square meters from 150,000 square meters as of end-2010.