Filinvest earns P1.28B net in first 2 quarters

Friday, August 12, 2011

A BOOST in real estate sales helped Filinvest Land Inc. (FLI) achieve P1.28 billion in net income for the first half of 2011, about 28 percent higher year-on-year.

It told the Philippine Stock Exchange (PSE) that real estate sales rose 36 percent to hit P2.99 billion, which accounted for 71 percent of total revenue.

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Rentals in its Festival Supermall and office buildings like the Northgate Cyberzone in Alabang added P738 million to total revenues, also higher by about 13 percent from last year.

As of June 2011, FLI’s total assets stood at P65.41 billion, some six percent more than the level as of end-2010. So far, this year’s cash dividends have reached P951 million, or 39 percent of FLI’s 2010 net income from regular operations.

“For the past four years, FLI has consistently paid out more than its stated 20 percent dividend policy,” the company disclosed.

A project in Cebu City’s South Road Properties (SRP) is among the company’s expansion projects this year. It is set to begin construction of Il Corso, the lifestyle retail component of Citta de Mare in the SRP.

FLI announced earlier this year that it was more than doubling its capital expenditure budget for 2011 to P12 billion. Capex for the first half of the year alone amounted to P4.1 billion—89 percent more than what it spent on capex in the same period last year—and paid for project development costs, construction of office buildings and land banking.

Demand for its core business of mass housing continues to be strong, FLI told the PSE.

Sales take-up generated in January-June reached P5.71 billion, or 20 percent more than what it generated in the first half of 2010.

FLI targets to launch P13.3 billion worth of residential projects in 2011, three mid-rise buildings in Metro Manila and one in Mindanao. (PR)

Published in the Sun.Star Cebu newspaper on August 13, 2011.