Gross revenues fell 29 percent to
Rental revenues rose four percent to
However, most parts of FLI's malls were closed beginning the second half of March and for the duration of the lockdown with the exception of essential services such as supermarkets, drugstores and banks. Following government's mandate and as support to its tenants, FLI waived rent for establishments which are not operating during the quarantine.
"The country is in a difficult and trying situation. Our focus right now is to serve our customers thru financial relief for our affordable and middle income clients during ECQ as well as new safety protocols and conveniences for our homeowners," said FLI chief executive officer
"As we deal with the effects of the pandemic, we are also reviewing and reassessing our plans. We will prioritize the completion of projects that are already under construction and projects that address the immediate needs of our clients and homebuyers," she said.
The FLI president said the company would launch residential projects and selectively expand in new territories within the country. "We have moved a large part of our planned launches to 2021 though we can easily accelerate their launches if there is an improvement in market demand.
We have also allocated resources for the completion of additional office buildings as well as the logistics hub,
© Pakistan Press International, source