Filinvest Land 2010 Net Income Up 46%

Filinvest Land Inc. (PSE: FLI) has announced a net income of PhP2.952 billion for 2010, up 46% from 2009, driven by the increase in total revenues of Php8.246 billion, which grew 45% from the previous year’s PhP5.684 billion. The bulk of revenues were from real estate sales, which amounted to PhP5.652 billion, 54% higher than 2009’s PhP3.674 billion. Rental income, generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, on the other hand, contributed PhP1.411 billion to total revenues, a 19% increase over 2009’s PhP1.187 billion.

The 2010 net income includes a PhP526 million one-time Gain from Business Combination as a result of the purchase of its former partner’s 40% stake in Northgate Cyberzone and a portion of Timberland Heights in February 2010. Without the Gain from Business Combination, net income for 2010 would still have hit PhP2.426 billion.

As of the end of December 2010, FLI’s total assets stood at PhP61.867 billion while stockholders’ equity was at PhP41.691billion. FLI’s balance sheet remains healthy with debt-to-equity ratio at only 0.29:1 as of end-2010, while net debt-to-equity ratio was at 0.24:1.

Meanwhile, sales take-up generated in 2010 grew by 42% year-on-year to PhP10 billion.

Earlier, FLI announced that it is more than doubling its capital expenditure (capex) budget for 2011 to PhP12 billion to meet the demands of its fast growing businesses. The company is targeting to launch around PhP13 billion worth of projects in 2011, from 17 new projects and 24 additional phases of existing projects. This is 25% more than the value of projects launched in 2010. Targeted launches for 2011 include four new socialized housing projects, six new affordable housing projects and two new mid-rise building (MRB) projects. The projects targeted for launch this year are equivalent to over 14,000 units, almost double the close to 7,300 units launched in 2010.

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