Filinvest Land bond payments completed

FILINVEST Land Inc. (FLI) on Monday said that it had finished payments for three-year and 10-year fixed-rate retail bonds worth an aggregate P9.035 billion.

In a filing with the stock exchange, FLI said it had settled payments for three-year bonds totaling P6.335 billion that were issued on Nov. 18, 2020 and matured on Nov. 18, 2023.

The Gotianun-led property developer said it also completed payments for 10-year bonds issued on Nov. 8, 2013 that were worth a total of P2.7 billion.

“The bonds were paid through the company’s paying agent, the Philippine Depository & Trust Corp.,” it added.

For the first nine months of 2023, FLI reported a 22-percent growth in net income attributable to equity holders to P2.44 billion. The gain was said to be due to improvements in its residential and mall businesses.

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Consolidated revenues and other income rose by 11 percent year on year to P15.72 billion.

For the third quarter alone, net income increased 32 percent year on year to P1.05 billion following an 11-percent expansion of Filinvest Land’s consolidated revenues.

During the first nine months, residential revenues surged by 9.0 percent to P9.83 billion due to accelerated construction progress and the robust performance of housing and condominium projects.

Revenues from Filinvest Land’s mall business, meanwhile, were said to have grown by 57 percent to P1.75 billion, anchored on higher mall occupancy, traffic and normalized rental rate.

FLI’s shares on Monday slipped by 2 centavos, or 3.45 percent, to P0.56 apiece.