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Filinvest Land reports P1.525 billion net income in 1st half of 2012...

Filinvest Land, Inc. (FLI) reported that its net income rose 19% for the first half of 2012 to Php1.525 billion, up from the Php1.282 billion net income generated for the same period in 2011.
The growth was fueled by the 28% increase in Real Estate Sales to Php3.838 billion from Php2.994 billion in the first half of 2011. Rental Income, generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Filinvest Corporate City, Alabang, on the other hand, contributed Php854 million to total revenues, or 16% more than 1H11’s Php738 million. Meanwhile, Total Revenues increased 24% to Php5.209 billion from Php4.193 billion.

As of the end of June 2012, Total Assets stood at Php 77.374 billion while Stockholders’ Equity was at Php44.054 billion. On June 8, 2012, FLI issued Php7 billion, 7-year fixed rate retail bonds. The Philippine Rating Services Corporation (Philratings) assigned a PRS Aaa rating to the bonds, the highest possible rating for a bond. The proceeds from the bonds are targeted to partially finance FLI’s capex for 2012.

Sales take-up generated in the first six months of 2012 reached Php 6.89 billion or 21% more than the Php5.71 billion generated in 1H11. Sales in 2Q12 reached Php3.67 billion and grew at a faster rate of 26% y-o-y from 1Q12’s Php3.22 billion which grew 15% y-o-y. For 2012, FLI is targeting to launch 20% more than the Php12.1 billion worth of projects it launched in 2011. In 2Q12, the Company launched Php4.5 billion worth of projects, including two new ones in Havila, Rizal namely Primrose Townhomes and The Enclave at Highlands Pointe, as well as additional phases in existing subdivisions and mid-rise buildings (MRBs) Capri Oasis and Sorrento Oasis in Pasig, and Sanremo Oasis in Cebu.

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. New projects targeted for launch in 2012 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 This is to support FLI’s target of doubling the GLA of its BPO office buildings by 2015 from the end-2011 level.

At Northgate Cyberzone, the construction of Filinvest Building Alabang is in full swing while construction of Plaz@ E commenced last month. Two more office buildings are targeted to break ground before year-end, which when completed will bring to 16 the number of BPO office buildings at Northgate Cyberzone.

At the 1.2-hectare joint venture project with the Provincial Government of Cebu which FLI won the right to develop in March 2012, construction of first BPO building has started. The first building will have a GLA of over 19,000 square meters. When completed, the project, which will be called Filinvest Cebu Cyberzone, is projected to have a total of 4 buildings with a GLA of over 100,000 square meters.

Meanwhile, Filinvest Building along EDSA, Mandaluyong City, has been completed and has been turned over to the tenant for fit-out. FLI will start generating revenues from the building in December 2012.

For its retail portfolio, FLI is expanding the Festival Supermall at Filinvest Corporate City, as well as developing the first phase of Il Corso lifestyle strip of Citta di Mare, in the South Road Properties in Cebu. These two projects will increase the GLA of FLI’s retail portfolio by 68% in 2015 from the end-201 1 level.
 

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"Filinvest Land reports P1.525 billion net income in 1st half of 2012" was written by Mary under the Business category. It has been read 1477 times and generated 0 comments. The article was created on and updated on 14 August 2012.
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