Funding requirements weigh FLI down
As of the end of first half of 2020, Filinvest Land, Inc. ( FLI ) has debts becoming due in the current period of 9.3 Billion Pesos while cash is only at 3.9 Billion Pesos. As with everyone else, FLI ‘s revenue is down for the first half of 2020. FLI’s revenue from real estate sales went down by 46% but rental revenues held up. Mall rentals may have been significantly affected by COVID-19 pandemi c restrictions but office leasing remained strong. FLI earned around 3 Billion Pesos in the first half of 2020 from office rentals. The office rentals is expected to be the main cash generator for FLI in these times. In the first half of 2020 FLI generated cash from operations of 0.9 Billion Pesos only. Although FLI has an inventory of real estate units for sale of around 65.8 Billion Pesos of 1H 2020, we can not expect for sales of real estate units to be buoyant during these times. Judging of the first half results of FLI, real estate sales have come to a standstill. Thus, ...