Listed Cebu Property Ventures and Development Corp. (CPVDC) posted a 49 percent increase in its net income for the first three months of 2016 on the back of higher rental revenues.
In a financial report to the Philippine Stock Exchange, CPVDC said its net income for the first quarter of the year rose to P57.8 million from last year’s P38.9 million.
Consolidated revenues of the firm similarly inched up by 26 percent to P162.8 million from P129.3 million recorded in the same period last year.
“This year’s revenues were derived from rental in eBloc Towers and The Walk and interest and other income,” the company said.
Rental revenues of the firm during the period amounted to P119.55 million, a 31.69 percent increase from last year’s P90.78 million.
The firm’s eBloc Towers project accounted for most of the revenues as it registered total rental revenues of P109 million, a 30 percent increase from the P84 million posted last year. This was driven by higher lease occupancy from eBloc Tower 3.
“As of March 2016 average lease occupancy for eBloc 1 was at 98.9 percent, eBloc 2 was at 100 percent and eBloc 3 was at 99.5 percent,” the firm said.
Meanwhile, revenue from the company’s The Walk project amounted to P6.8 million, slightly higher than last year’s P6.7 million. Cebu IT Park Land Lease also contributed P3.7 in rental revenues during the period.
Total assets of the firm amounted to P5.9 billion at the end of the quarter, while total liabilities stood at P4.2 billion.