Filinvest Land 2014 earnings up by 16%
Filinvest Land, Inc. (FLI), one of the country’s largest residential developers and BPO office providers, recorded a 16% jump in consolidated net income of Php4.60 Billion for 2014, up from Php3.98 Billion in 2013.
Consolidated revenues surged 22% to a record Php16.90 Billion. The company attributes the strong revenues to the continued growth in its residential business as well as the strong expansion of its office leasing operations.
FLI recorded Php13.20 Billion in revenues from its residential projects, 26% more than the Php10.48 Billion posted in 2013. This was driven by strong demand for its wide spectrum of residential product offerings: its Futura Homes affordable housing projects, medium-rise buildings that carry the “Oasis” and “Spatial” brands, and its Studio Series high-rise buildings.
Revenues from rental assets, on the other hand, rose to Php2.26 Billion, an 11% increase from the Php2.03 Billion generated in 2013, as the firm booked increased revenues from its new office buildings “Filinvest One” and “Plaz@ E” at Northgate Cyberzone located in Filinvest City in Alabang. Filinvest Land currently operates 14 buildings and is completing construction of three more office buildings, “Filinvest Two” and “Filinvest Three” at Northgate Cyberzone and Filinvest Cebu Cyberzone Tower 1, which will increase its office portfolio to 274,971 sq.m.
The firm launched Php12.5 Billion worth of residential projects in 2014. Among the projects launched during the year was “100 West”, an iconic mixed-use development comprising of a high-rise residential tower, 15,637 sq. m. of BPO office space and three floors of convenient shopping space, strategically located at the corner of Sen. Gil Puyat Avenue and Washington Street in Makati. Filinvest Land also beefed up its core business of affordable housing by launching new horizontal development projects in Tarlac, Rizal, Laguna, Batangas and Palawan. For 2015, the company is targeting to launch an additional P16 Billion worth of projects.