Gotianun Family-led Filinvest Land, Inc. (FLI) saw its net income edge up to P2.12 billion in the first half of the year, only a percentage higher than last year’s figures. 

In a stock exchange report on Thursday, the company said strong leasing momentum across its retail and office portfolios helped offset flat residential sales and kept revenues on an upward track.

The company’s consolidated revenues rose 6 percent to P12.21 billion, driven by sustained momentum across its office and retail portfolios. Leasing revenues jumped 12 percent to P4.10 billion, while real estate revenues remained steady at P7.48 billion.

“Our focused efforts on targeted rent strategies and tighter cost controls have proven effective in boosting both occupancy and EBITDA, supporting the steady growth of our leasing business,” FLI President and Chief Executive Officer Tristan Las Marias said.

“We are optimistic that the upcoming openings of Filinvest Malls in Cubao and Mimosa Leisure Estate in Clark will further drive this momentum. At the same time, we continue to push our residential developments in Visayas, Mindanao, and non-NCR Luzon regions, where we are seeing sustained demand.”

Retail leasing revenues reached a record P1.32 billion, up 11 percent year-on-year, anchored by strong performance from Festival Mall and regional assets such as Il Corso Cebu, Main Square Bacoor, and Fora Mall Tagaytay.

Office leasing revenues, which include REIT and non-REIT properties, rose 8 percent to P2.48 billion, with total occupied gross leasable area expanding by 11 percent to 398,000 square meters. 

FLI’s industrial business contributed P153 million in revenues, including P133 million from the sale of an industrial lot and P20 million in rental income. 

Residential sales stayed flat at P7.48 billion, supported by steady demand and project completions. Gross profit margins improved to 53 percent, with EBITDA reaching P2.7 billion, up 2 percent year-on-year. 

FLI also reported P136 million in rental income from its co-living business, primarily from the fully leased The Crib Clark.