Filinvest Land Inc., the property unit of the Gotianun Group, is launching P13.4-billion worth of residential projects this year despite the current uncertainties in the market due to the COVID-19 pandemic.
Filinvest Land also said Thursday in a disclosure to the stock exchange first-quarter net income fell 25 percent to P1.79 billion from P1.35 billion year-on-year on the double-digit decline in revenues.
First-quarter revenues dropped 29 recent to P5.15 billion from P7.21 billion a year ago as overall business was affected by the implementation of enhanced community quarantine during the second half of March.
Real estate sales revenues sank 39 percent as a result of lower take-up in 2019 and delays in the completion of the projects during the ECQ period.
The property firm granted a grace period for homebuyers’ payments during the ECQ as support to customers.
Filinvest Land launched three residential projects worth P2.1 billion in the first quarter of 2020. The projects are in Rizal, Zamboanga and Alabang.
Rental revenues, meanwhile, increased four percent in the first three months of the year to P1.79 billion from P1.72 billion in 2019 due to the growth in office leasing, offsetting the decline in retail mall revenues.
The company’s office buildings continued to enjoy high occupancy rates and remained operational during the ECQ period.
However, most parts of its malls were closed beginning the second half of March and for the duration of the ECQ, with the exception of essential services such as supermarkets, drugstores and banks.
Following government’s mandate and as support to its tenants, Filinvest Land waived rent of establishments which were not operational during the ECQ period.
“The country is in a difficult and trying situation. Our focus right now is to serve our customers thru financial relief for our affordable and middle income clients during ECQ as well as new safety protocols and conveniences for our homeowners. Paramount as well is to ensure the health and financial peace of mind of our employees both direct and indirect,” said Filinvest Land president and chief executive Josephine Gotianun-Yap.
“We will prioritize the completion of projects that are already under construction and projects that address the immediate needs of our clients and homebuyers. We will be launching residential projects and selectively expand in new territories within the country,” Yap added.