Filinvest Land profit falls on real estate sales decline

by Coco Alcuaz, ANC

Posted at Nov 11 2011 04:54 PM | Updated as of Nov 12 2011 12:55 AM

MANILA, Philippines - Filinvest Land Inc.’s third-quarter net income fell as property sales declined and because the previous year’s results were boosted by a one-time gain.

Filinvest Land 3rd qtr results
Sales P1.94-B - 25.5%
Real estate sales  P1.34-B - 7.7%
One-time gain (2010) P556-M
Net income P379-M - 62%

 Net income was P379 million, 62 percent less than last year's P992 million.

Sales fell 25.5 percent to P1.94 billion. Real estate sales fell 7.7 percent to P1.34 billion. Last year’s sales also got a P566 million boost when the company took full ownership of two units, Cyberzone Properties Inc. and Filinvest AII Philippines Inc., consolidating their numbers with its own.

Mall and office rentals were stable at P378 million. Costs and expenses rose 3 percent to P1.47 billion.

Rentals should continue to grow as the company rolls out office buildings.

The company said a new office building in Alabang will start to contribute rent in January, while the company’s 12th and 13th office buildings will be completed in 2012 and 2013.

Filinvest said these will bring total office space for call centers and other business process outsourcing (BPO) operations to 235,000 square meters, one of the biggest in the country.