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Filinvest Land Inc. told the bourse net earnings grew 21 percent driven by a significant jumpt in real estate sales.
In a disclosure to the Philippine Stock Exchange, the Gotianun-led property developer said net profit increased to P748 million in the first three months of the year from P620 million in the same period in 2011.
Total revenues rose 41 percent to P2.73 billion from P1.93 billion, anchored on the 50-percent jump in real estate sales to P2.04 billion from P1.36 billion.
Rental income generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, climbed 14 percent to P410 million from P359 million.
Meanwhile, sales take-up generated in the January to March period reached P3.2 billion, up 15 percent from the previous year’s P2.8 billion.
At end-March, the real estate firm has spent close to P2 billion of this year’s P15-billion capital expenditure budget, which is earmarked for the construction of residential projects and the expansion of its office and retail space.
"Capex spending is expected to accelerate as building construction of the Festival Supermall expansion and the Il Corso lifestyle strip at Citta di Mare in Cebu start," the company said.
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