Filinvest Land says H1 net income lower as pandemic 'weighs in' on earnings

ABS-CBN News

Posted at Aug 06 2020 11:59 AM

MANILA - Filinvest Land Inc said Thursday the coronavirus pandemic has continued to "weigh in" on its businesses as gross revenues and net income dropped in the first half of 2020 reflecting the full impact of imposed lockdowns.

Net income dropped 24 percent to P2.42 billion for the first 6 months of the year from P3.04 billion in the same comparable period in 2019, Filinvest said in a disclosure to the stock exchange.

Gross revenues in the first half declined by 30 percent to P8.81 billion from P12.62 billion in the same period last year, it said.

The results reflect the full impact of the Community Quarantines from mid March to June which hampered operations and delayed construction activities.

The entire island of Luzon, home to roughly half of the country's 100 million population was placed under lockdown in March. Restrictions eased in June but was later tightened again for Metro Manila and nearby provinces in August as cases surged.

"The second quarter was a most difficult time for the company with ECQ limiting the operations of our malls and construction restrictions affecting residential revenue recognition... Our past efforts in process improvement and digitalization allowed us to operate efficiently and effectively during this period as we continued to serve our customers,” said FLI president and CEO Josephine Gotianun-Yap.

Yap said a "healthy rebound" could be expected in the next quarters.