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Filinvest Land Q1 net profit rises 3% to P905 million
Filinvest Land, Inc. (FLI) reported a 3% increase in its first-quarter attributable net income, reaching P905 million.
Consolidated net income improved by 8% to P1 billion while consolidated revenue and other income climbed by 12% to P6.04 billion.
Residential real estate revenue rose by 9% to P3.7 billion, led by activity in South Luzon, Visayas, and Mindanao.
Leasing revenue increased by 17% to P2.06 billion on steady leasing demand across the company's office and retail portfolio.
Retail leasing revenue went up by 8% to P638 million while office leasing revenue grew by 19% to P1.27 billion.
FLI President and CEO Tristaneil D. Las Marias highlighted the focus on ready-for-occupancy sales boosting residential revenues and asset returns.
He also mentioned targeted rent strategies and tighter cost control for retail and office leasing to boost occupancy and earnings before interest, taxes, depreciation, and amortization.
The company is also fast-tracking the opening of new malls in Activa Cubao and Mimosa Clark, which are drawing strong tenant interest.
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