FILINVEST Land Inc., the real estate arm of Filinvest Development Corp., recorded an 18-percent drop in 2022 consolidated net income to P3.52 billion from P4.31 billion a year earlier.

Net income from 2021 was higher as a result of the one-time tax benefit from the Create law, the firm said.

Net income attributable to equity holders of the parent firm, meanwhile, amounted to P2.89 billion last year.

Consolidated revenues reached P19.94 billion, up by 12 percent from 2021, and attributed to an increase in residential revenues that rose by 14 percent to P12.84 billion.

“We are pleased with the continued growth of our residential business, and we expect to sustain this in 2023,” Filinvest Land President Tristan Las Marias said.

“Our efforts to boost our international and local sales networks as well as our investments on digital and online platforms have proven effective,” he added.

Reservation sales grew by 13 percent to P18 billion as the firm opened seven residential projects valued at P5.9 billion in Teresa in Rizal, San Rafael in Bulacan,

Cavite, Pampanga and Metro Manila.

Filinvest Land’s mall rental revenues more than doubled, amounting to P1.68 billion in 2022 from P796 million a year earlier due to an improvement in mall occupancy and foot traffic as well as the removal of rental concessions.

Office leasing revenues, on the other hand, dropped to P4.67 billion in 2022, down by 3 percent on the back of challenges arising from hybrid work arrangements.

Filinvest Land said its total land bank was currently at 2,356 hectares including leased land for development that the company expects to roll out in the next five to 10 years.

“Filinvest Land has built townships that can accommodate different land uses such as residential, commercial and industrial, as it aims to create fully integrated and self-sufficient communities,” it said.

“The company will continue to do so to maximize the use and value of its land bank.”

Filinvest Land’s share price inched up by 2 centavos to P0.73 on Tuesday.