Filinvest Land, Inc. (FLI) reported that its core net income for 2011 reached Php2.940 billion, 21% more than net income of Php2.426 billion generated in 2010.
Total Revenues increased 18% to Php9.653 billion from Php8.196 billion. The growth came primarily from the 23% rise in Real Estate Sales to Php6.953 billion from Php5.652 billion. Rental Income, generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, on the other hand, contributed Php1.541 billion to total revenues, representing a 9% growth over 2010’s Php1.411 billion.
Including the one-time gain of Php526 million booked in 2010 as a result of the purchase of its former partner’s stake in Northgate Cyberzone and part of Timberland Heights, 2010 net income was at Php2.95 billion.
As of the end of December 2011, Total Assets stood at Php 68.295 billion while Stockholders’ Equity was at Php43.681billion. FLI’s balance sheet remains healthy with debt-to-equity ratio at only 0.38:1 as of end-2011, while net debt-to-equity ratio was at 0.35:1.
Meanwhile, sales take-up generated in 2011 reached Php 11.4 billion or 15% more than the Php9.9 billion generated in 2010.
In 2012, FLI is targeting to spend Php15 billion for capital expenditures (capex), 25% more than the amount budgeted in 2011. The bulk is earmarked for the construction of the various residential projects of FLI, covering all market segments. For 2012, FLI plans to launch about Php14.5 billion worth of projects, 20% more than the value of projects launched in 2011, equivalent to over 12,000 units. This includes 14 new projects and 19 additional phases of existing projects. New projects include a condotel at Timberland Heights and two new mid-rise building (MRB) projects within Metro Manila.
2012’s capex also includes Php2.5 billion for additional office and retail space. Currently, at Northgate Cyberzone, a BPO office building is under construction and will add close to 20,000 square meters of GLA in the first half of 2013 to FLI’s current portfolio of over 170,000 square meters of GLA from twelve buildings. A fourteenth building is targeted to break ground within the year with a GLA of 13,000 square meters.
FLI recently won the bid to develop a 1.2 hectare property owned by the Provincial Government of Cebu in Lahug, Cebu. The project will involve 4 BPO office building, with the construction of the first commencing by early 2013.
Meanwhile, land development has commenced on the expansion of Festival Supermall at Filinvest Corporate City. The expansion project will add over 57,000 square meters of GLA, and is targeted to be completed in phases, from the fourth quarter of 2013. Additional retail space will also come from the Il Corso lifestyle strip of Citta di Mare, in the South Road Properties in Cebu. The first two phases covering 7 hectares will have over 35,000 square meters of GLA.
- https://www.affordablecebu.com/
