Property

FLI posts lower earnings amid pandemic

Gotianun-led Filinvest Land Inc. reported a 41% drop in net income last year to P3.73 billion as the lockdowns disrupted construction and home sales.

Gross revenues declined by 32% to P17.49 billion with residential revenues plunging 42% to P9.84 billion.

Revenues from mall operations fell 55% to P828 million as the pandemic cut shopping days and dented consumer sentiment.

Aggregate rental revenues went down 9% to P6.39 billion.

Revenues from office leasing, however, managed to rise by 8% to P5.56 billion.

FLI has LI has 31 operational office buildings and 11 buildings under construction that will be completed in the next two years, with a total gross leasable area of over 750,000 square meters strategically located in Metro Manila, Clark and Cebu.

“Filinvest is no stranger to crises as we have weathered several economic and political upheavals in the past. There is no doubt that COVID19 is a formidable opponent whose grasp transcended industries and countries across the globe,” said Josephine Gotianun Yap, president and CEO of FLI.

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