FILINVEST Land Inc. on Tuesday said its mall business again led recurring income growth in the first quarter, with leasing revenues rising 17 percent from a year earlier to P744 million as consumer activity improved across its retail developments.
The property developer said growth was supported by an 80-percent occupancy rate across its mall portfolio and higher foot traffic in key regional lifestyle hubs, particularly Il Corso in Cebu that posted a 33-percent increase in visitor traffic following asset enhancement initiatives.
Filinvest Land President and CEO Tristan Las Marias said the company’s malls were evolving into major lifestyle destinations, providing stable and recurring income streams for the group.
“The mall business is no longer just a defensive buffer; it is a primary growth engine for the group,” he said.
“With leasing revenues up 17 percent and occupancy scaling to 80 percent, we are seeing the tangible results of our active asset enhancement strategy.”
The company said curated tenant mixes and community-focused retail concepts helped accelerate the transition of its mall operations from a stabilization phase into a higher-growth segment.
Filinvest Land said the stronger performance of its mall business contributed to consolidated revenues of P6.31 billion during the January-to-March period.
Net income reached P1.10 billion in the first quarter, which the company attributed to stable cash flows and its diversified property portfolio.
The company said it was continuing to expand its recurring income base through its retail, office and residential leasing businesses as it pursues long-term growth despite a challenging operating environment.
Filinvest Land is roughly 65 percent controlled by the Gotianun’s publicly listed holding firm, Filinvest Development Corp.
Shares of Filinvest Land rose P0.01, or 1.41 percent, closing at P0.72 each on Tuesday, outperforming a weaker broader market, with the Philippine Stock Exchange index closing down 0.77 percent.
