Despite the challenges posed by high interest rates and inflation, the Gotianun family’s Filinvest Land Inc. managed to eke out a nine percent rise in its first quarter earnings to P741 million.
The profit increase was driven by a nine percent growth in revenues and other income to P4.69 billion as all major business segments delivered growth.
Accelerated construction progress and strong performance of its housing projects and medium-rise condominium projects drove residential revenues higher by four percent during the quarter to P2.79 billion.
FLI also saw reservation sales pick up by 13 percent to P5.2 billion.
Higher mall occupancy, rise in shopper traffic, as well as the removal of rental concessions, meanwhile, boosted the mall business which expanded by 86 percent with revenues of P558 million.
Office revenues were flat at P1.16 billion due to newly closed leases.