Gross profit margins in their core residential business improved to 51 percent, an 8 percent increase.
The company’s earnings before interest, taxes, depreciation, and amortization grew 24 percent to P4.98 billion, while operating income rose 26 percent to P4.18 billion.
Total revenues increased by 16 percent to P11.49 billion, driven by strong residential sales and higher income from retail and co-living spaces.
Management’s view
“Our robust first half results show that Filinvest Land’s residential business continues to thrive. FLI delivered strong growth amidst the current interest rate environment,” said Tristan Las Marias, FLI president and CEO.
Leasing growth
“FLI’s leasing segments continue to be value-adding complements to our business. We are working to enhance our shopping centers with world-class brands and to open new malls in underserved population hubs,” Las Marias said.
The developer said retail leasing revenues grew 9 percent to P1.19 billion.
Net effective rents increased by 4 percent to P819 per square meter, while occupancy rates reached 69 percent by the end of June 2024, as the market continues to absorb newly opened retail space.
