Italpinas earnings double to P120 million

MANILA, Philippines — Italpinas Development Corp. (IDC), the publicly listed sustainable property developer, posted a net income of P120 million last year, up 101 percent.

In a briefing, IDC chairman and chief executive officer Romolo Nati said the company was able to post higher earnings because it was able to expand its inventory three years after its successful initial public offering in 2015.

Moving forward, he said IDC would continue to look for new opportunities for growth.

“We will continue to expand and we’re looking at new opportunities for growth,” Nati said during the briefing.

IDC posted net sales of P368.52 million, more than double the P147.41 million recorded in the same period last year.

“We are very pleased with IDC’s performance. It is a validation of our hard work as we also celebrate our 10th year anniversary this 2019. We were rewarded with expanding market acceptance by our buyers who believe in our products and appreciate our services,” said IDC president Jose Leviste III.

Nati said IDC’s total assets grew to P1.25 billion last year from P483 million in 2013.

The company’s flagship project is Primavera Residences in Cagayan de Oro, a mixed-use project offering 298 residential units and 29 commercial and office space units,  all of which have been sold out.

Another project is Primavera City, a mixed- use residential condominium comprising of six mid-rise buildings and one high rise tower to be developed in four phases.

The first phase, Citta Verde has two-towers which offer 291 residential units and 57 commercial and office space units  which will be completed before the end of the year.

To date, 260 units have been sold, equivalent to 90 percent of available inventory.

IDC is expediting to secure all the permits and licenses for Phase 2 – Citta Bella before the  end of June in order to meet the increasing demand of its green development.

The other ongoing project is a vertical real estate development in Sto. Tomas, Batangas named Miramonti Green Residences.

The company is looking to expand in two more sites, one in Visayas and another in Luzon.

IDC is also preparing to issue P500 million to P600 million in preferred shares in the third quarter for its landbanking and other capital expenditure needs.