Filinvest Land 2012 income up 17%

Rappler.com

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Robust real estate sales and rental income lifted the 2012 net income of Gotianun-led real estate firm Filinvest Land.

RISE IN EARNINGS. Gotianun-led Filinvest Land Inc posts a 17% increase in its net income in 2012. File photo

MANILA, Philippines – Robust real estate sales and rental income lifted the 2012 net income of Filinvest Land, Inc. (FLI) by 17% to P3.43 billion from P2.94 billion.

In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, March 21, the Gotianun-led real estate firm also reported a 21% hike in total revenue to P11.6 billion from P9.6 billion.

Real estate sales grew 27% to P8.8 billion from P6.9 billion. The company attributed the growth to higher reservation sales generated and the completion of more mid-rise buildings that were already sold. Rental income increased by 16% to P1.8 billion from P1.5 billion on the back of higher occupancy and lease rates of the company’s properties.

The company’s capital expenditure for 2013 is pegged at P20 billion. Of the P20 billion, half will be directed towards residential project development costs. FLI will also funnel P7 billion for office buildings and malls construction and P3 billion for land banking activities.

FLI is targeting several mid-rise, high-rise and mixed-use developments in 6 different locations in Metro Manila in the next two years.

FilInvest founder Andrew Gotianun is among the 11 Filipino bilionaires in Forbes’ rich list. His daughter Lourdes Josephine Gotianun-Yap is among the top female businesswomen in Asia – Rappler.com 

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