LISTED property developer Filinvest Land, Inc. (FLI) is bullish about its prospects for the rest of the year and expects profit growth for 2023 as the economy improves.
“The Philippines is growing, and we are optimistic that we will grow more unless there is anything happening outside of the Philippines. Here within the country, our fundamentals seem to be good,” said FLI Director Michael Edward T. Gotianun on the sidelines of the company’s launch event last week.
Asked about the prospects for the rest of the year, he said net income is expected to be better this year compared with a year ago despite economic headwinds.
FLI is the property development company of the Gotianun’s Filinvest group of companies.
In 2022, FLI recorded a 24% decline in net income to P2.8 billion from P3.8 billion the prior year.
Mr. Gotianun said this year’s growth drivers for FLI include the improving economic situation and surging investor interest.
“The economy is improving, and there seems to be a lot of interest,” he said. “Everybody is positive about the economy. However, our concern will be the outside, like China, with all their problems going on now. You don’t know if there might be a spillover. We cannot control that. So, we just hope it does not spill over to us.”
In the first half, FLI booked a 15% surge in its attributable net income to P1.39 billion. Its total consolidated revenues and other income also rose by 8% to P9.92 billion on the back of growth from its residential and rental business segments.
“Business is good. So let’s hope that it stays good,” he added.
FLI President and Chief Executive Officer Tristaneil D. Las Marias previously said that the developer continued to achieve growth in its residential and rental business segments during the first six months of the year.
“We are pleased that our efforts led to satisfactory results as we continued to sustain our sales and marketing activities,” he said.
“We remain focused on meeting our customers’ needs as we target to further grow our business this year, with further residential launches planned in the second half,” he added.
As of Aug. 25, FLI shares were at 66 centavos apiece, down one centavo or 1.49% from its previous close of 67 centavos the day prior. — Revin Mikhael D. Ochave