Filinvest Land Inc. (FLI) will push through with its new projects in Luzon and Mindanao this year, as it looks to recover from a first quarter decline on weakened demand for residential units and rental spaces.
In a recent disclosure, FLI reported its net income dropped by more than 45 percent to P771.57 million from January to March, from P1.141 billion during the same stretch last year.
Its revenues also slipped to P4.54 billion, from P5.64 billion, as sales were hurt by double digit drops on both real estate and rental turnouts.
FLI president and CEO Josephine Gotianun Yap said the property developer will push through with its expansions this year. The first quarter performance failed to dampen Yap’s belief that the business will beat all odds posed by the pandemic.
“We remain optimistic that despite the challenges, 2021 will be a better year. We look forward to further growing our residential and leasing businesses, as well as our new initiatives, such as in the industrial and logistics parks, as we serve the needs of our stakeholders while observing the safety and health protocols,” Yap said.
FLI is completing a pipeline of residential projects worth P30 billion, and is eyeing to expand to new areas in Luzon and Mindanao, including Bataan, Naga, Dagupan and General Santos.