Filinvest Land Inc., the real estate subsidiary of the Gotianun family, said Friday nine-month net income declined 40 percent to P2.63 billion from P4.27 billion in the same period last year as residential and leasing businesses slowly recovered from the effects of the health crisis.
FLI said in a disclosure to the stock exchange nine-month gross revenues declined 32 percent to P12.54 billion from P18.43 billion in 2019.
It said residential revenues in the third quarter jumped 45 percent to P2.12 billion, a sharp recovery from the second quarter when sales were heavily affected by the quarantine restrictions implemented to curb the pandemic.
“We have seen a V-shaped recovery and a very healthy rebound in residential reservation sales when we transitioned to the general community quarantine period in June and July, and beginning September. Real estate revenues recovered in the third quarter as buyer amortization payments started to normalize and construction capacities increased,” FLI president and chief executive Josephine Gotianun Yap said.