FILINVEST Land Inc. (FLI) on Monday said that it had strengthened its balance sheet in the first quarter after reducing unsold residential inventory by P4.1 billion.
The listed property developer on Monday said record ready-for-occupancy sales of P1.7 billion during the January-to-March period had supporting efforts to sustain growth amid a selective market environment.
FLI said the strategy of focusing on existing inventory enabled the company to maximize cash flow while maintaining financial flexibility for future investments and expansion opportunities.
“Our priority has been to ensure that every peso of capital is working toward growth,” President and CEO Tristan Las Marias said.
“By successfully moving P4.1 billion in inventory this quarter, we have strengthened our balance sheet. This disciplined execution allows us to pursue new high-value opportunities with absolute confidence.”
The company reported consolidated revenues of P6.31 billion for the quarter and a net income of P1.10 billion.
FLI said the results reflected the benefits of a continued focus on fiscal discipline and operational efficiency.
The company, the property arm of Filinvest Development Corp., has more than 280 projects nationwide, spanning residential communities, condominiums, office developments, retail centers, mixed-use estates and industrial parks.
Among its flagship developments are Filinvest City, Filinvest New Clark City, and Filinvest Innovation Park-Ciudad de Calamba.
Filinvest shares on Monday rose P0.03, or 4.41 percent, to close at P0.71 each amid a 0.81-percent advance for the benchmark Philippine Stock Exchange index.
