GOTIANUN-LED property developer Filinvest Land, Inc. (FLI), one of the largest residential and commercial property developers in the Philippines, posted a 3.33% increase in attributable net income to P939.61 million for the second quarter (Q2) from P909.29 million a year earlier.

Gross revenue for the quarter rose 1.93% to P5.93 billion from P5.82 billion, while gross expenses increased 2.42% to P3.97 billion from P3.87 billion, the company said in its quarterly financial disclosure to the Philippine Stock Exchange.

Income before tax climbed 4.41% to P1.22 billion from P1.16 billion, while net income after tax rose 4.6% to P1.11 billion from P1.06 billion.

For the first half, attributable net income increased 1.68% to P1.84 billion from P1.81 billion a year earlier. Net income after tax rose 4% to P2.21 billion from P2.13 billion.

“Our first-half results demonstrate Filinvest Land’s ability to translate demand into earnings through a disciplined, diversified business model,” FLI President and Chief Executive Officer Tristan Las Marias said in a statement on Tuesday.

“The strong pickup in reservation sales, particularly in RFO, reflects both improving buyer activity and the strength of our product offering across key markets,” he added.

Reservation sales rose 50% to P12.5 billion in the first half, driven largely by ready-for-occupancy (RFO) properties. RFO sales reached P6.8 billion during the period. The shift toward completed units over pre-selling inventory has been a broader trend among Philippine developers as buyers increasingly prefer properties they can inspect and move into immediately.

June reservation sales totaled P3.7 billion, the company’s highest monthly level since 2018, according to FLI.

Real estate revenue increased 3.3% to P7.72 billion, with the company citing stronger sales of completed properties as a key contributor.

Retail mall leasing revenue rose 12% to P1.47 billion, while mall occupancy stood at 81%. Office leasing revenue increased 2.4% to P2.54 billion.

FLI said all office leases that expired in the second quarter were renewed, resulting in a 100% renewal rate for the period. The Philippine office leasing sector has been recovering as business process outsourcing firms and traditional corporate tenants continue to expand their footprints.

The company said its industrial business continued to attract demand, particularly for the 33-hectare (ha) mega lots at Filinvest Innovation Park – New Clark City, which are being positioned for logistics and manufacturing operations. New Clark City is a government-backed metropolis in Capas, Tarlac, being developed as part of a broader effort to decentralize economic activity away from Metro Manila.

“As market conditions evolve, we remain focused on execution, capital efficiency, and capturing demand across our residential, commercial, and industrial segments,” Mr. Las Marias said.

At the local bourse on Tuesday, FLI shares closed unchanged at P0.70 each. — A.G.C. Magno