THE Gotianun-led Filinvest Land Inc. (FLI) said its net income for 2007 grew 95 percent to P1.7 billion from P872 million a year earlier as sales improved to nearly 50 percent.

In a statement over the weekend, the listed property firm said revenues reached P5.1 billion, a 46 percent growth year-on-year from P3.5 billion in 2006.

The growth in both revenues and net income is largely attributable to the strong results of the real-estate development business, boosted by the full-year contribution of the rental income generated by investment properties which were acquired in September 2006.

For 2007, at least 69 percent of the company’s revenues came from the real-estate development business; 7 percent from equity in net earnings from Filinvest Alabang Inc. (FAI); 20 percent, leasing revenues from Festival Supermall, PBCom Tower in Makati and the BPO office buildings at Northgate Cyberzone in Filinvest Corporate City in Alabang; and the balance of 4 percent, from interest and other income.

Equity in net earnings from FAI included a P280- million net gain from the sale of FLI shares during the follow on offering in February 2007, the company explained.

Socialized and affordable housing, consisting of house and lot packages priced from P300,000 to P 1.5 million, represented 24 percent of FLI’s real-estate development revenues last year. The middle-income segment, covering house and lot packages up to P4 million, contributed P1.4 billion; the high-end projects, farm estates, industrial lots and entrepreneurial housing (Asenso Village) contributed the balance of P1.1 billion.

FLI, whose shares are traded at the Philippine Stock Exchange, currently has 60 ongoing projects which generated a sales take up of P5.0 billion in 2007, its highest since the Asian financial crisis. This is a 35-percent increase over the P3.7 billion generated in 2006.

The company has lined up over 36 new projects and phases for launch in 2008 with an estimated sales value of P10 billion. Some of these projects will be in new locations, beginning with the first residential subdivision in Butuan City. It is also increasing its marketing efforts to reach more of its target market in the OFW-rich areas of Europe, the Middle East and Asia.

FLI has allotted a capital spending of P6 billion this year.

THE Gotianun-led Filinvest Land Inc. (FLI) said its net income for 2007 grew 95 percent to P1.7 billion from P872 million a year earlier as sales improved to nearly 50 percent.

Pepsi, property firms last week’s top gainers

PEPSI-COLA Products Philippines Inc., which had its market debut on February 1 on the first board of the Philippine Stock Exchange (PSE), closed the week ended April 4 at P3.25 after hitting P3.30, its highest since February 20, and dropping to a low of P3.15.

THE country’s oldest conglomerate Ayala Corp. is investing in new high-growth sectors and has identified the offshore and outsourcing (O&O) market as an area with potential for significant growth.

LED by an increase in revenues generated from its natural gas-fired power plants, Lopez-managed First Gen Corp. (First Gen) reported Friday that its net income increased by 14 percent to $104.7 million last year compared to the previous year.

 n LAST week: The PSE index fluctuated a lot last week as it registered both gains and losses. But at the end of Friday’s trading, the index managed a 27.02-point gain or .91-percent up week on week to close at 2,983.04.

THERE’S talk Sumitomo Corp. is looking at lakeside property in Taguig to put up an industrial park.