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FLI income falls 40% to P2.63 B, sees rebound

Filinvest Land Inc.’s (FLI) reported a 40 percent drop in attributable net income for the first nine months of 2020 to P2.63 billion from P4.37 billion in the same period last year even as it registers a strong recovery in the third quarter.

In a disclosure to the Philippine Stock Exchange, the firm said gross revenues declined by 32 percent in the first nine months of 2020 to P12.54 billion from P18.43 billion in the same period last year.

FLI noted that, residential revenues surged 45 percent to P2.12 billion in the third quarter of 2020 compared to the second quarter. The marked improvement was brought about by the easing of lockdowns as well as consumer demand for this segment.

It was a turnaround from the second quarter which was heavily impacted by the lower sales take-up and delays in revenue recognition due to the construction restrictions during the quarantine period and the implementation of Bayanihan 1 deferment of customer payments. 

“We have seen a V-shaped recovery and a very healthy rebound in residential reservation sales when we transitioned to the General Community Quarantine (GCQ) period in June and July, and beginning September,” said President and CEO Mrs. Josephine Gotianun Yap.

She added that, “Real estate revenues recovered in the third quarter as buyer amortization payments started to normalize and construction capacities increased. In-person site visits and the opening of our sales offices following strict health protocols are now in play.”

Yap said “We continue to see improvements in option sales as our various sales channels adjust to the new normal in digital property selling. Our sales operations have benefited from our digital marketing and online selling processes as well as the continuous communication with our buyers and homeowners through the online service desk.”

The recurring income business resulted in a slight drop in aggregate rental revenues by 5 percent to P4.91 billion in the first nine months of 2020.  

For the first nine months of the year, office leasing revenues grew by 17 percent while mall rental revenues rose by 20 percent in the third quarter compared to the second quarter as Metro Manila and other cities transitioned to GCQ beginning in September. FLI’s mall operational tenants have gradually increased to 81 percent as more establishments have been allowed to open. FLI continues to grant rental concessions to its retail tenants to help them sustain their businesses.


Source: Manila Bulletin (https://mb.com.ph/2020/11/15/fli-income-falls-40-to-p2-63-b-sees-rebound/?utm_source=rss&utm_medium=rss&utm_campaign=fli-income-falls-40-to-p2-63-b-sees-rebound)

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