Empire East net profit doubles

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Mid-market condominium developer Empire East Land Holdings Inc. reported on Monday a net profit of P421.5 million for the first nine months of 2015, jumping 105 percent from the P205.2 million it made last year.

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In a disclosure to the Philippine Stock Exchange, Empire East said real estate sales for the period doubled to P3.1 billion from P1.5 billion in the same period last year.

The gains came from projects Southpoint Science Park, San Lorenzo Place, Pioneer Woodlands, The Sonoma, The Rochester, The Cambridge Village, California Garden Square, Kasara Urban Resort Residences, Little Baguio Terraces and Laguna Bel Air Projects, the company said.

Consolidated revenues shot up 73 percent to P3.9 billion from P2.3 billion a year ago.

Operating expenses also increased from P853.8 million last year to P1.1 billion this year.
The cost of real estate sales grew to P2.0 billion from the P935.2 million last year.

A subsidiary of tycoon Andrew Tan’s Megaworld Corp., Empire East is now focused on transit-oriented condominium projects in Metro Manila, offering to make city-life “even more convenient, as it takes (people) to the metropolis’ main railway transit and thoroughfares.”

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