Filreit hit by weak office demand

By VG Cabuag @villygc

Filinvest R eit Corp. (Filreit), the flagship commercial real estate investment trust of the Gotianun Group, said it recorded a net income of P1.31 billion in 2022, a drop of 29 percent from the previous year’s P1.85 billion.

t he office leasing segment had its fair share of new challenges last year brought about by the globally changing workplace environment,” Filreit President and CeO Maricel Brion-lirio said.

SynGen tA Group, the sw iss agrichemical giant looking to list in shanghai, said its China growth remains rapid as sales climbed 17 percent last year. the China business achieved sales of $8.6 billion last year, driven by higher contributions from its crop protection and seeds units. Revenue from MAP and digital operations, which help connect farmers to buyers across China, were particularly strong, rising 76 percent to $3.1 billion, the company said in a statement. the results augur well for syngenta, owned by state-owned China national Chemical Corp., or ChemChina, as it works toward a $10 billion initial public offering (iPO) on shanghai’s star Board. its products, such as genetically modified seeds, could allow it to benefit from China’s aim to boost the quality and quantity of its agricultural production to ensure self-sufficiency in food.

However, the iPO process has been slow. it’s been more than 20 months since the company filed its prospectus. the delay could be due to poor equity-market conditions in 2022, Bloomberg intelligence analysts said.

Other details from syngenta’s earnings statement: n syngenta Group China’s crop protection sales grew 17 percent over the full year, while sales of seeds climbed 22 percent; n Crop nutrition sales of the China unit were down 12 percent due to a new nitrogen distribution model; n Overall syngenta Group sales rose 19 percent to $33.4 billion, with all business units seeing double-digit growth; n the company said there was strong demand for products that promote yield increases and sustainable farming methods; and n Group’s earnings before interest, taxes, depreciation and amortization increased 20 percent to an all-time high of $5.6 billion. Bloomberg News

“Closer to home, the implementation of hybrid work set-ups in PeZ A [Philippine economic Zone Authority] zones like our northgate property affected our leasing patterns. Despite this headwind, FilRt demonstrated resiliency and forged ahead in growing the portfolio.”

Rental and other revenues reached P3.24 billion, the company said.

Average occupancy for the year was 89 percent, including the newly infused Boracay property that was added to the portfolio in December 2022.

Filreit signed new leases totaling

GlOBe has announced its participation in the ninth leg of the national telecommunications Commission’s (ntC) siM registration assistance program from March 20 to 24, deploying booths in 58 locations across the country to help customers who may face registration difficulties.

By participating in the initiative, Globe demonstrates its commitment to delivering exceptional service to all its customers regardless of location, and ensuring they meet the government’s April 26 deadline.

“Our primary objective is to provide seamless connectivity to our customers. By establishing siM registration booths across the country, we aim to streamline the registration process and make it hassle-free for everyone. we strongly advise our customers to take the opportunity to register at these booths so we can help them comply with the law and ensure uninterrupted connectivity services,” said Globe Channel Management Group Head Cleo santos.

Customers can drop by Globe booths in the following locations to get the help they need to register their siMs:

LUZON

Mountain Province

*March 23 - Paracelis (3rd Floor, Municipal/Multi-Purpose Building) if ugao

* March 24 - Alfonso lista (Municipal Covered Court) i locos sur

* March 23 - tagudin (3rd Floor, ti kanlu Hall, tagudin town Hall) l a Union

* March 24 - sudipen (Municipal Covered Court)

Quirino t his year, new letters of intent were signed by traditional and BPO multinational companies to lease almost 9,000 square meters of office space and more than 13,300 square meters or 32 percent of the lease expiries for the year 2023 have already been renewed. t he balance is due for renewal during the remainder of the year. t he company in December acquired a prime property with a gross leasable area (Gl A) of 29,086 square meters in Boracay, Aklan. t he acquisition resulted in an increase in its portfolio by 9.65 percent in Gl A terms. t he Boracay property, which is leased to the well-regarded Crimson Resort and spa Boracay, broadens Filreit’s income profile mix beyond office leasing and into the hospitality sector.

5,087 square meters and renewed 22,891 square meters or 96 percent of expiring leases in 2022.

“Moving forward, F i l R t will continue to focus on diversifying its portfolio to improve the revenues of its existing prime office assets and to ultimately boost dividends for its shareholders,” the company said.