Cebu Property Ventures nets P104.7M in H1


LISTED real estate developer Cebu Property Ventures and Development Corporation (CPVDC) said its net income in the first six months of the year surged 27 percent on higher leasing income.

The company told the stock exchange on Tuesday that its net income in the first half rose to P104.7 million from P82.3 million a year ago while consolidated revenues grew 21 percent to P323.4 million.

“The company’s revenues were derived from lease income in eBloc Towers and The Walk and interest and other income,” CPVDC said.

It said rental revenues from its eBloc Towers development climbed 25 percent to P217.5 million.

“As of June 2016, average lease occupancy for eBloc 1, 2, and 3 were at 99 percent, 99.8 percent and 99.6 percent, respectively,” the company said.

It said total cost and expenses rose 19 percent year-on-year to P218.7 million.


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