Filinvest Land nets P771.5 in Q1

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.


Exploring Lausanne—Crosswinds’ Most Premium Lot-Only Development

Set within the illustrious hills and stunning mountain landscapes of Crosswinds in Tagaytay is Lausanne, a 24-hectare European-inspired mixed-use development known for...

DHSUD chief eyes public-private partnerships for permanent housing solutions

The country's new housing czar has hit the ground running, preparing to forge partnerships with the private sector to fast-track land development...

Mesmerized By Silliman: The University by the sea

Every August of each year, Sillimanians from all over the Philippines and around the world—from the oldest batch to the youngest—descend upon Silliman University...

Respond and innovate: How our local builders adapt to the pandemic

Many companies in the design and construction industries had to continue operating despite the COVID-19 pandemic because the services they offer can't...

Invest in safety and One Lancaster Park, Cavite

Home buyers today, especially starter families, are more discerning in choosing their living spaces. Post-pandemic, more people appreciate the value of large...