FLI hikes profit 11% with property boom
In the first half alone, Filinvest Land launched 10 new projects, including completely new developments, as well as sequel buildings and phases of existing ones
Daily TribuneIn the first half alone, Filinvest Land launched 10 new projects, including completely new developments, as well as sequel buildings and phases of existing ones
Filinvest Land Inc. (FLI), one of the country’s largest property developers, reported a consolidated net income of P1.54 billion for the first half, an 11 percent increase from the previous year.
Gross profit margins from the residential business, FLI’s core business segment, significantly improved by 8 percent to 51 percent from 43 percent the year before.
Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) rose 24 percent from a year ago to P4.98 billion, while operating income grew 26 percent to P4.18 billion.
In the first half alone, Filinvest Land launched 10 new projects, including completely new developments, as well as sequel buildings and phases of existing ones.
Total consolidated revenues and other income grew by 16 percent from the previous year to P11.49 billion, bolstered by a double-digit rise in residential real estate sales, in addition to increasing revenues from retail and The Crib co-living spaces in New Clark City.
Residential projects thrive
“Our robust first-half results show that Filinvest Land’s residential business continues to thrive. FLI delivered strong growth amidst the current interest rate environment. We achieved this through the continued strength of our brand, known for value-for-money homes in well-rounded communities across the Philippines. We continue to enhance our product offerings to cater to higher aspirations, steadfast in our mission to build the Filipino dream,” Tristan Las Marias, FLI president and chief executive officer. said.
Our robust first-half results show that Filinvest Land’s residential business continues to thrive. FLI delivered strong growth amidst the current interest rate environment.
“FLI’s leasing segments continue to be value-adding complements to our business. We are working to enhance our shopping centers with world-class brands and to open new malls in underserved population hubs. In addition, we remain a trustworthy partner in nation-building as more government agencies lease our premier office spaces to deliver better public services,” Las Marias continued.
