Gotianun’s property arm hit by POGO exit; revenues slip on lower lease income

Earnings of the property arm of the Gotianun Group declined by nearly a third in the nine months through September primarily due to a P1.1 billion income tax benefit recognized last year due to CREATE law as well as lower office rental revenues.

In a financial report, Filinvest Land Inc. said profit fell 32.77 percent to P2.27 billion from P3.38 billion a year ago even as revenues and other income rose by 8.41 percent to P14.19 billion, which was achieved on the back of increased real estate sales revenues from the residential segment and higher revenues generated from leasing business.

FLI’s real estate sales grew by 9.73 percent to P8.98 billion due to higher construction percentage of completion achieved during the nine-month period.

Rental and related services, meanwhile, went up by 9.33 percent to ₱4.68 billion as a result of higher retail leasing revenues due to gradual reduction of bayanihan discount and new leases.

However, the company said this was tempered by lower office leasing revenues as a result of lower occupancy caused by the pre-termination of leases from POGO tenants.

Putin ally joins tech giant Yandex

A long-time ally of President Vladimir Putin, Alexei Kudrin, said Monday he will be joining Yandex as the Kremlin seeks to tighten its grip on Russia’s top technology giant.