Filinvest Land Inc. (FLI) has secured approval from its board of directors to issue peso-denominated fixed-rate bonds up to ₱12 billion, with maturity extending to a maximum of 10 years. This marks the second tranche of bonds from previously approved shelf registration of P35-billion fixed-rate bonds by the Securities and Exchange Commission (SEC).
The bond sale is part of FLI’s strategy to bolster its financial standing and fund future capital expenditures. Its executive committee has authorized management to evaluate the specifics of the offering, including the optimal timing for the bond sale.
The first tranche, issued last year, raised ₱10 billion. Proceeds from that offering were used to partially redeem maturing bonds and support capital expenditure programs.
Filinvest Land reported a consolidated net income of ₱2.64 billion over nine months ending September 2024, an 8 percent increase from only ₱2.44 billion in the same period last year. Its total consolidated revenue and other income rose 17 percent to ₱18.44 billion, driven higher by a 21 percent jump in residential real estate sales.
Leasing revenue, primarily from the company’s office and retail businesses, also rose 7% percent to ₱5.71 billion.
“We continue to see strong performance in our residential business, which remains a cornerstone of our strategy. As we approach the end of 2024, we remain committed to delivering property products that resonate with Filipinos’ evolving preferences,” said Tristan Las Marias, FLI president and CEO.
“We are also firmly positioned in the leasing market, with our office and retail spaces attracting a diverse range of tenants. Our shopping centers are thriving with new and exciting concepts, while our office spaces offer flexible options tailored to tenant needs. Our ongoing focus on improving occupancy rates and operational efficiency continues to deliver results,” he added.
