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FLI Q1 earnings drop on ECQ

By James A. Loyola

Filinvest Land, Inc. (FLI), the publicly-listed property arm of Gotianun group, posted a 25 percent decline in attributable net income to ₱1.35 billion in the first quarter of 2020 from ₱1.79 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm also reported a 29 percent drop in gross revenues to ₱5.15 billion in the first quarter this year from ₱7.21 billion in the same period of 2019.

“The results reflect the impact of the COVID-19 Enhanced Community Quarantine (ECQ) in the latter half of March that affected operations and delayed construction activities,” FLI said.

Real estate sales revenues went down by 39 percent as a result of lower sales take-up in 2019 and delays in the completion of the projects during the ECQ period.

FLI granted a grace period or in homebuyers’ payments as support to its customers during the ECQ period which affected real estate sales recognition


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/21/fli-q1-earnings-drop-on-ecq/)

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