Filinvest Land Inc. said Thursday net income jumped 40 percent in the third quarter to P800 million from P570 million in the same period last year on the recovery of residential and shopping mall businesses.
FLI said in a disclosure to the stock exchange third-quarter revenues advanced by 13 percent to P4.85 billion from P4.29 a year ago. Real estate sales rose 9.7 percent to P3.15 billion, while rental income increased 20.5 percent to P1.7 billion.
FLI said the growth in residential business was due to the accelerated construction activities and strong take-up of housing projects in Cavite, Laguna, and Rizal provinces and mid-rise condominiums in Metro Manila and Davao.
The company said net income in the first three quarters declined 32.7 percent to P2.27 billion from P3.38 billion because of the P1.1-billion income tax benefit recognized last year. Revenues from January to September increased 8.41 percent to P14.18 billion on higher real estate sales of residential business and increased revenues from its leasing business.
Reservation sales in the first nine months reached P15 billion, up 15 percent year-on-year.