FILINVEST Land, Inc. (FLI) saw its third-quarter attributable net income increase by 4.8% to P1.1 billion from P1.05 billion last year due to higher sales.
Revenue from July to September improved by 15.4% to P6.56 billion from P5.68 billion last year, FLI said in a stock exchange disclosure on Tuesday.
Real estate sales climbed by 19.8% to P4.52 billion, while revenue from rental services increased by 6.7% to P2.04 billion.
For the first nine months, FLI recorded an 8.5% increase in its attributable net income to P2.65 billion from P2.44 billion last year.
Revenue increased by 15.9% to P17.6 billion from P15.18 billion in 2023 due to the growth of the residential segment.
Real estate sales climbed by 21% to P11.89 billion, led by accelerated collections and the “construction percentage of completion achieved during the period,” the company said.
The medium-income segment, inclusive of medium-rise buildings and high-rise buildings, accounted for 74% of total real estate sales, followed by the affordable and low-affordable segment at 12%, high-end and others at 8%, and socialized housing at 6%.
Revenue from rental services also went up by 6.6% to P5.71 billion.
FLI recently launched the 2.8-hectare Futura Shores mid-rise property in Dumaguete City, as well as the 11.4-hectare Iloilo Centrale residential township in Iloilo City.
Futura Shores will consist of six mid-rise buildings. The first building of Futura Shores has a projected sales value of P1.3 billion.
Iloilo Centrale is expected to have P1.8 billion in inventory sales value for its residential component called Futura Rise Iloilo.
The township will also have commercial spaces, retail pods, child-centric spaces, and active zones with a football field.
On Tuesday, FLI shares were unchanged at 80 centavos per share. — Revin Mikhael D. Ochave
