FILINVEST REIT Corp. (FILRT), the flagship commercial real estate investment trust or REIT of the Filinvest group, reported that its net income in the first quarter of 2023 reached P304 million on the back of rental and other revenues of P801 million.
On a sequential basis comparing the first quarter results from the fourth quarter of 2022, net income rose by 17 percent as a result of a five percent improvement in rental revenues and a 13 percent reduction in operating costs.
The successful acquisition of the 2.9 hectares of prime resort property that is being leased to Crimson Resort & Spa Boracay began contributing to FILRT’s income starting Jan. 1, 2023. (PR)