Alphaland earning rise to P1.88B in 9 mos

MANILA, Philippines - Upscale property firm Alphaland Corp. grew its earnings more than seven times in the nine months to September, partially driven by higher value of its investments.

“The group posted a remarkable consolidated net income amounting to P1.878 billion for the nine months ended September,” Alphaland said in a disclosure to the stock exchange.

This compares with a P272-million profit in the same period last year.

Consolidated revenues, derived from the rental income of its Alphaland Southgate Tower, reached P393 million, up from P308.8 million a year ago.

“The jump in revenues is on account of higher occupancy of the leasable areas during the current period,” Alphaland said.

The company’s profits were boosted by gains on the fair value of its investment properties to P2.24 billion, from none last year.

Alphaland said it sold 174 Balesin Island Club shares in the nine-month period from just 18 a year ago. It also sold 47 City Club shares, lower than the 290 last year when the shares were offered at introductory prices.

The Alphaland Balesin Country Club, which will have residential units and leisure facilities for members, will be built in a 424-hectare island-resort fronting Quezon’s Lamon Bay, 33 kilometers off the eastern coast of Luzon.

The City Club is located at the three-tower, P2.5-billion Makati Place.

Last year, Alphaland earmarked at least P16 billion until 2014 for its real estate projects: the 34-story Alphaland Tower, Makati Place and Balesin.

Next year, Alphaland will focus on the construction of the P2-billion Alphaland Marina Club in the 32-hectare Alphaland Bay City in Parañaque.

Alphaland is the upscale property firm led by the group of former Trade Minister Roberto V. Ongpin.

Alphaland was formed in May 2007, with the Alphaland Southgate Tower and Mall at the corner of EDSA and Chino Roces Ave. in Makati City as its first completed project.