Filinvest Land Inc. (FLI) posted a profit of P1.35 billion in the first quarter of the year, down 25 percent from P1.79 billion last year.
Revenues for the period fell 29 percent to P5.15 billion, from P7.21 billion last year.
“The results reflect the impact of the COVID-19 enhanced community quarantine (ECQ) in the latter half of March that affected operations and delayed construction activities,” the company said.
FLI reported a drop of 39 percent in real estate sales revenues as a result of lower sales take-up and delays in the completion of the projects during the ECQ period.
The company said it gave a grace period for homebuyers’ payments as support to its customers during the ECQ period.
Prior to the ECQ, FLI said it launched three projects worth P2.1 billion: Tropics 4 Phase 1, a mid-income horizontal development in Cainta, Rizal; Futura Vinta Zamboanga, a mid-rise building development in Zamboanga; and Studio N, a high-rise project in Filinvest City, Alabang.
“The plan for the entire year is to launch a total of P13.4 billion worth of residential projects,” it said.
Rents meanwhile stood at P1.79 billion, up 4 percent from P1.72 billion.
FLI said its office buildings continued to enjoy high occupancy rates and remained operational during the ECQ period.
“However, most parts of FLI’s 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, FLI waived rent for establishments which are not operational during the ECQ period,” it said.
“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,” said Josephine Gotianun-Yap, FLI chief executive officer and president.
“Paramount as well is to ensure the health and financial peace of mind of our employees both direct and indirect. As we deal with the effects of the pandemic, we are also reviewing and reassessing our plans,” she added
Gotianun-Yap said the company will prioritize the completion of projects already under construction and those that address the immediate needs of its clients and homebuyers. “We will be launching residential projects and selectively expand in new territories within the country. We have moved a large part of our planned launches to 2021 though we can easily accelerate their launches if there is an improvement in market demand. We have reconfigured our processes to maximize the use of digital technology that we have implemented in the past to service the needs of our clients and our suppliers,” she said.
“Meanwhile, we are also preparing for the economy’s eventual recovery,” she added.
