Filinvest Land, Inc. (FLI) reported a 23% earnings drop in the second quarter to account for the full impact of the coronavirus pandemic to its businesses.

In a filing on Wednesday, the Gotianun family-owned property developer said its attributable net income stood at P952.22 million, down from last year’s P1.24 billion.

Revenues were reduced 32% to P3.66 billion, which reflected the suspension of mall operations and drop in residential sales due to construction delays.

On a six-month basis, FLI’s attributable net income fell 24% to P2.3 billion, and revenues dropped 30% to P8.81 billion.

Sustained office leasing kept rental revenues up 1% to P3.42 billion amid the closure of malls. However, real estate sales declined 46% to P4.56 billion due to revenue recognition delays with the suspension of construction work.

“The second quarter was a most difficult time for the company,” FLI President and CEO Josephine Gotianun-Yap said in the statement. But she noted FLI has started seeing a healthy rebound since the lockdown was eased in June.

“We look forward to a gradual recovery as we expect buyer amortization payments to normalize and construction capacities to increase which will improve our residential revenue recognition in the next quarters,” Ms. Yap added.

Shares in FLI at the stock exchange picked up one centavo or 1.20% to close at 84 centavos each on Wednesday.

Source: BusinessWorld

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