Federal Land net income plunged 61 percent to P623.7 million last year from P1.611 billion in 2019.
With buyers holding off purchases due to the pandemic, Federal Land’s reservation sales cratered by 41 percent to P14.2 billion in 2020 from P24.2 billion in 2019.
Federal Land blamed also cited delayed construction growth due to community quarantine restrictions and delayed equity collections in support of the Bayanihan Act.
Its assets grew by 18.5 percent to P109.4 billion as its land bank expanded and its receivables swelled.
Its long-term receivables more than quadrupled to P4.713 billion in 2020 from P1.091 billion in 2019 as it injected liquidity to its Bonifacio Global City (BGC) project builder.
Federal Land funneled P3.31 billion in short-term loans to Bonifacio Landmark Realty and Development Corp. (BLRDC) which is the developer of the MetroBank Center/Grand Hyatt and Grand Hyatt Residences in BGC.