Filinvest Land profit up 17%

Malaya - Property group Filinvest Land, Inc. announced yesterday a profit of P3.43 billion for 2012, higher by 17 percent from the previous year’s P2.94 billion.

Consolidated revenues reached P11.61 billion, up by 21 percent from the previous year’s P9.59 billion, driven by a 27 percent increase in real estate sales to P8.8 billion from P6.95 billion in 2011, the company said.

Rental income, on the other hand, contributed P1.78 billion to total revenues, 16 percent higher than the previous year’s P1.53 billion.

“The hike in real estate sales was driven by higher reservation sales generated during the year, as well as the completion of more mid-rise buildings (MRB) that were already sold,” Filinvest Land said.

In 2012, the company completed the construction of 16 buildings in eight MRB projects. FLI started its first MRB in February 2008, and has since completed 41 buildings in its various MRB projects as of the end of 2012. Another 11 buildings are currently under construction.

Sales take-up generated in 2012 reached P13.1 billion, 15 percent highet than the P11.4 billion in 2011. To sustain its sales growth, FLI launched nine new projects and 12 additional phases of existing projects in 2012.

Meanwhile, equity in net earnings from Filinvest Land’s 20 percent-owned affiliate, Filinvest Alabang, Inc. (FAI), the developer of the 244-hectare Filinvest City, in Alabang, Muntinlupa, surged to P187 million in 2012 from P63 million in 2011.

FAI sold lots with a combined area of 2.6 hectares to various buyers in 2012, including a lot to a major university. Lot prices at Filinvest City have hit a high of P115,000 per square meter, significantly higher than the previous highest price achieved during the height of the property boom in 1997, right before the Asian Financial Crisis, compared with the range of P53,200 to P67,500 per square meter for 2011.

“Prices have soared in recent months with the completion of the Skyway extension from Sucat to Alabang in April 2011,” Filinvest Land said.

As of the end of 2012, FAI still beneficially owns 85.1 hectares of developed land in Filinvest City.
Filinvest Land’s financial condition remained very healthy with stockholders’ equity at P45.88 billion.

Total assets stood at P81.93 billion, 20 percent higher than the P68.3 billion in end-2011.

For more details on Filinvest Land residential homes and condos, you may contact Reby Ramirez: 0922.883.9308 / 0916.4044.555 / 0919699.3572 or reby_ramirez@yahoo.com.

For latest information on the Philippine Real Estate Industry and the Real Estate Service Act (RA9646), please visit www.ra9646.com.ph.