The Gotianun family’s Filinvest Land Inc. (FLI) saw first quarter profits climb 14 percent to P845 million while consolidated revenues and other income rose by 15 percent to P5.4 billion.
The performance was driven by strong residential and mall leasing income, the company said in a statement on Friday.
Residential revenues grew by 22 percent to P3.4 billion due to robust sales and accelerated construction while the mall business grew by 6 percent to P589 million, with increased occupancy and shopper traffic.
Despite a 7 percent decline in office revenues to almost P1.1 billion due to work-from-home challenges, FLI expects improvement with new leases, including the Department of Trade and Industry at Filinvest Buendia.
