FILINVEST LAND, Inc. grew profits by more than a tenth to over P600 million in the first quarter mostly on the back of housing unit sales, the Gotianun-led developer said in a disclosure to the local bourse on Friday.
“Net income for the first quarter of 2011 reached P620 million, 14% higher than first quarter 2010’s net income of P545 million,” the company said.
The growth matches that seen in the first quarter of 2010.
Filinvest Land said it revenues for January to March 2011 surged by a fifth to P1.933 billion with real estate sales accounting for a larger bulk than rentals.
“Real estate sales amounted to P1.357 billion, 26% higher than the P1.079 billion attained in 2010, and accounted for 70% of total revenues,” Filinvest Land said.
“Demand for Filinvest Land’s core business of mass housing continues to be strong,” it added.
Rental income — generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang — meanwhile accounted for P359 million to total revenues, growing by 13% from last year.
“The growth in rental income is attributed to higher occupancy rates of Filinvest Land’s business process outsourcing office buildings at Northgate Cyberzone, as well as contribution from its newest building, Vector One, which started operations in December 2010,” the property firm said.
Filinvest Land did not elaborate on the source of the remaining balance of revenues unaccounted by real estate sales and rentals.
Listed Filinvest Land had said it allotted P12 billion for spending this year, more than double its expenditures in 2010, to expand its real estate portfolio. This year’s capital expenditure will be financed internally and through borrowings according to earlier reports.
