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Filinvest Land optimistic in 2012

Article taken from ManilaTimes.net

Gotianun-led Filinvest Land Inc. (FLI) posted a flat growth in net income last year in the absence of an extraordinary gain after announcing it will raise its 2012 project launches by a fifth, underscoring its positive outlook on the property industry.

Andrew Gotianun
Mr. Andrew Gotianun
In a regulatory filing, the real estate unit of Filinvest Development Corp. said that its net income hit P2.94 billion, or 0.40 percent lower than the previous year’s P2.95 billion, which included a gain from the purchase of its former partner’s stake in Northgate Cyberzone and part of Timberland Heights.

Excluding the gain of P526.30 million in 2010, core net income grew 21 percent from P2.43 billion on the strength of its residential and leasing businesses.

Total revenues increased by 18 percent to P9.65 billion from P8.196 billion, anchored on the 23-percent rise in real estate sales to P6.95 billion from P5.65 billion. 

Rental income, generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, Muntinlupa City, contributed P1.54 billion to total revenues, representing a 9-percent growth over last year’s P1.41 billion.

For 2012, the property developer plans to launch about 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 Timberland Heights and two new mid-rise building projects within Metro Manila.

FLI hiked its capital expenditure budget by a quarter to P15 billion, which will be earmarked for the construction of the various residential projects across all market segments. The capital expenditure also includes P2.5 billion for additional office and retail space.

The real estate company recently won the bid to develop a 1.2-hectare property owned by the provincial government of Cebu in Lahug, Cebu.  The property developer intends to construct four business process outsourcing office buildings within the property. Construction of the first building will commence by early 2013.

FLI shares were unchanged at P1.24 each on Friday.
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