Filinvest Land Inc. (FLI), the listed real estate development arm of Gotianun Group, said its attributable income fell 37 percent to 2 billion pesos in the January-September period from 3.18 billion pesos a year earlier.
The company noted that it recorded an income tax benefit of P1.1 billion last year as a result of the Corporate Recovery and Tax Incentives for Enterprises Act.
FLI said its revenue rose 9 percent to 13.66 billion pesos, compared to 12.46 billion pesos last year.
Rental Services grew 9 percent during the period to P4.68 billion from P4.28 billion last year.
Home sales, meanwhile, rose 10 percent to P8.98 billion from P8.18 billion a year earlier, driven by the company’s accelerated construction activity and strong performance of its residential projects in Cavite, Laguna and Rizal and mid-size condominiums in Metro Manila and Davao.
Reservations sales also increased 15 percent during the period to P14 billion as new residential projects worth P2.24 billion started at Teresa in Rizal, Naga in Camarines Sur and San Rafael in Bulacan.
The developer recently launched master plan condominiums in Dagupan City and Zamboanga City further strengthened Filinvest Land’s smart value condominium segment.
“We are pleased with the continued growth of our residential business, particularly the continued sales performance of our newly opened condominium projects in Dagupan City and Zamboanga City,” said FLI President Tristan Las Marias.
“Our investment in growing distribution networks locally and internationally, particularly in proven markets like the Middle East and Europe, is resulting in improved reservations sales performance year over year.”
Futura One in Fora Dagupan and Futura Vinta in Zamboanga are green and sustainable mid-size condominium communities that offer residential units amidst refreshing amenities and expansive open spaces.
Futura One at Fora Dagupan offers studio units suitable for students or those working in the city and two bedroom units suitable for growing families. Futura Vinta only offers two bedroom units. These units are also investor friendly with rental income opportunities and potential capital appreciation.
Futura One in Fora Dagupan and Futura Vinta in Zamboanga will be followed by another medium-sized condominium community in General Santos in the coming months. These three condos are the first master plan condos in their respective cities. Filinvest Land is also ready to invade Bataan within the year.
The company’s mall business also grew 66 percent year-on-year, contributing 1.14 billion pesos to revenue. The growth in mall revenue was due to improving tenant occupancy and increased in-store sales driven by increased walk-in traffic.
“With occupancy increasing and our mall’s performance improving, we are optimistic that we can continue on our recovery path and continue to grow revenue in the coming months,” Las Marias said.