Filinvest Land, Inc. (FLI) reported that its net income for the first quarter of 2012 rose 20 percent to P748 million from the P620 million generated in the first quarter of 2011.
In a disclosure to the Philippine Stock Exchange, the firm said the growth came by way of a 50 percent jump in real estate sales to P2.04 billion from P1.36 billion during the three-month period.
On the other hand, rental income contributed P410 million to total revenues, or 14 percent more than the P359 million registered in the first quarter last year. Total revenues increased 41 percent to P2.73 billion from P1.93 billion.
Meanwhile, sales take-up generated in the first three months of 2012 reached P3.2 billion or 15 percent more than the P2.8 billion generated in the first quarter of 2011.
In 2012, FLI is targeting to spend P15 billion for capital expenditures, 25 percent 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.
This year, FLI plans to launch P14.5 billion worth of projects, 20 percent 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 Tim-berland Heights and two new midrise building (MRB) projects within Metro Manila.
The 2012 capex also includes P2.5 billion for additional office and retail space. At Northgate Cyberzone, a BPO office building is currently under construction and will add close to 20,000 square meters of Gross Leasable Area (GLA) in the first half of 2013 to FLI's current portfolio of over 170,000 square meters of GLA.
An additional building is targeted to break ground within the year with a GLA of 13,000 square meters.
In the first quarter of 2012, FLI already spent close to P2 billion, 47 percent more than what it spent during the same period last year.
Capex spending is expected to accelerate as building construction of the Festival Supermall expansion and the Il Corso lifestyle strip at Citta di Mare in Cebu start. 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 the construction of 4 BPO office building, with the the first building targeted to break ground in the
second quarter of 2012. (JAL)