Earnings: Filinvest says P1.36B in sales boosted Q1 net profit

Real estate sales totaling P1.36 billion boosted Filinvest Land Inc.’s (FLI) net income by 14 percent in the first quarter of the year. The Gotianun-owned developer had a Q1 net profit of P620 million. FLI’s gross revenues reached P1.9 billion, up 20 percent from P1.62 billion from a year earlier. Income from real estate grew by 26 percent while rental income from Festival Supermall, Northgate Cyberzone, and PBCom Tower added P359 million. The developer said it will launch this year P13.2 billion worth of projects. It will also more than double capital expenditures to P12 billion. A mix of borrowings and internally-generated funds will finance the expansion meant “to meet the demands of its fast growing businesses." — CMA/ELR/VS, GMA News