THE Gotianun-owned Filinvest Land Inc. (FLI) posted an 11.7-percent increase in net profit for the first quarter of the year to P154.1 million versus P137.95 million in the same period last year.
In a report to the Securities and Exchange Commission (SEC), FLI said the profitability was influenced by the 15-percent increase in sales reservation year-on-year.
“The sales reservation for the quarter amounted to P1.04 billion against last year’s P900.3 million,” it said.
Projects of its middle-income unit, Corte Bella, contributed the most in this period’s sales, particularly Spring Country, Serra Mote Villas, The Tropics, Parkspring, Auburn Place, Corona del Mar, Orange Grove, Aldea del Sol and Fuente de Villa de Abrille, FLI added.
Among the major reasons for the good performance are attractive pricing, continuous marketing activities, and incentives being offered to buyers and sellers, availability of financing packages and the positive market reception to various house models.
“However, because of the conditions to be met before a sales reservation qualifies for booking such as receipt of substantial amount of down payment and documentary requirements, booked sales for the period amounted to only P560.2 million, lower by 17 percent than the same period last year,” FLI said. “Realized gross profit also decreased by 16 percent compared to the same period last year because of more sales recorded under the installment method and fewer accounts rediscounted.”
In 2006, FLI would launch various projects serving the affordable and middle-income markets. These include the Aldea Real in Laguna, Palmridge and Summerbreeze Townhomes in Batangas, The Ranch in
FLI was spun off from Filinvest Development Corp., the listed holding company for real-estate business of the Gotianun family.
FLI’s projects are primarily located in Luzon, particularly, the National Capital Region (Novaliches,
It has a landbank of 2,608.5 hectares. Honey Madrilejos-Reyes
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