FILINVEST NETS P3.73 BILLION, DOWN 41%
Listed property developer Filinvest Land Inc. posted earnings of P3.73 billion last year, down by 41 percent from its 2019 income of P6.28 billion due to the effects of the pandemic.
In a disclosure to the Philippine Stock Exchange, the company said revenues amounted to P17.49 billion in 2020, with residential revenues declining by 42% to Php 9.84 billion. Net income attributable to equity holders was likewise lower by 41% at Php 3.73 billion in 2020 from Php 6.28 billion in 2019.
“Filinvest is no stranger to crises as we have weathered several economic and political upheavals in the past. There is no doubt that COVID-19 is a formidable opponent whose grasp transcended industries and countries across the globe,“ according to FLI CEO Josephine Gotianun Yap.
“I believe that our company’s recovery was a result not only of pandemic reactive measures but to a greater extent, of solid decisions made many years ago – lessons learned from previous crises. With the light of vaccinated hope, we remain optimistic that the recovery trend we’ve seen in the last quarter of 2020 will be sustained well in 2021 as we maintain our priority in serving the needs of our stakeholders while keeping our employees safe and healthy,” she added.
The company saw its office leasing revenues grow by 8% in 2020 to Php 5.56 billion from Php 5.17 billion in 2019. FLI has 31 operational office buildings and 11 buildings under construction that will be completed in the next two years, with a total GLA of over 750,000 sqm strategically-located in Metro Manila, Clark, and Cebu.
“We are pleased that our office leasing portfolio delivered stable revenues and managed to grow despite the COVID-19 pandemic. The Company has filed a Registration Statement with the Securities and Exchange Commission (SEC) covering its Real Estate Investment Trust (REIT) initial public offering (IPO)," Gotianun Yap said.
"The REIT will initially cover 17 buildings mostly located in Northgate Cyberzone, a PEZA-accredited business hub in Filinvest City, Alabang, Muntinlupa. These buildings have the unique advantage of being within Filinvest City, the first LEED-certified CBD in the Philippines and the largest in Southeast Asia that has attained LEED Gold in Sustainable Neighborhood Development,” said Josephine Gotianun Yap, President, and CEO of Filinvest Land, Inc.
FLI maintained its recovery trend in the last quarter of 2020 despite challenges posed by the sustained COVID community quarantines around the country. The company reported a 50% increase in residential revenues at Php 3.17 billion in the fourth quarter of 2020, coming from Php 2.12 billion in the third quarter.