FILINVEST Land, Inc. (FLI), a residential property developer and office provider for business process outsourcing (BPO) companies, posted a net income increase of 31 percent for the first half of 2010 compared with the same period last year.
FLI said in a disclosure to the Philippine Stock Exchange (PSE) that its net income went up to P998 million in the first half of the year, a leap from the P759 million reported in the first six months of 2009.
Real estate, rental
Booked revenues from real estate sales increased 41 percent to P2.208 billion for the period. Rental revenues amounted to P653 million, 11 percent more than last year.
For the first half of 2010, FLI’s total revenues was P3.229 billion, 30 percent more than the P2.476 billion posted a year ago. Real estate sales accounted for 68 percent of total revenues while rental income by the company’s BPO offices and mall leasing operations accounted for 20 percent.
FLI’s core business of residential housing for socialized, affordable and middle-income markets remained robust, the company said. Residential sales reservations in the first half were 28 percent higher at P4.75 billion compared with the P3.72 billion recorded last year.
FLI launched projects worth P4.1 billion from January to June 2010, including three new socialized housing projects and eight additional phases of existing projects.
For the second half of 2010, FLI plans to launch 11 new projects and 10 additional phases of existing projects estimated to be worth P5 billion. Total value of projects launched in 2010 is projected to be P9.1 billion, 42 percent higher than the value of projects launched in 2009.
Joint venture
One of the projects to be launched later this year will be FLI’s flagship project in the South Road Properties under a joint venture agreement with the Cebu City Government.
Citta de Mare will be two midrise housing projects located at the 40-hectare joint venture area in the SRP.
FLI also plans to increase its portfolio of BPO office spaces by building additional offices in Cebu and other parts of Metro Manila.
FLI’s projects in Cebu include the ongoing construction of Grand Cenia Condotel in Cebu City, the Seascapes Resort Town in Lapu-Lapu City and the One Oasis Condo compound in Mabolo.
It also developed the Aldea del Sol subdivision in Lapu-lapu City and the Corona del Mar subdivision in Talisay City.