Filinvest Land nets P2.21-B 1H income

Filinvest Land Inc. (FLI) posted a 4 percent increase in net income to P2.21 billion in the first half of the year, as reservation sales jumped 50 percent and revenues from its property and leasing businesses grew.

The company reported on Tuesday that consolidated revenues rose 2.9 percent to P12.57 billion from the same period last year, supported by higher real estate revenues and gains from the company’s commercial and industrial leasing businesses.

Reservation sales reached P12.5 billion from January to June, up 50 percent year-on-year, driven largely by demand for ready-for-occupancy (RFO) properties.

RFO sales totaled P6.8 billion over the six-month period. In June alone, FLI recorded P3.7 billion in reservation sales, its highest monthly level since 2018.

Real estate revenues

Real estate revenues increased 3.3 percent to P7.72 billion, supported by the company’s push to monetize its RFO inventory and demand from buyers for immediately available properties.

“Our first-half results demonstrate Filinvest Land’s ability to translate demand into earnings through a disciplined, diversified business model,” said Tristan Las Marias, president and CEO of Filinvest Land.

“The strong pickup in reservation sales, particularly in RFO, reflects both improving buyer activity and the strength of our product offering across key markets.”

FLI’s commercial and industrial leasing businesses also contributed to revenue growth during the period.

Retail mall leasing revenues rose 12 percent to P1.47 billion, while mall occupancy reached 81 percent following asset enhancement initiatives and tenant engagement efforts.