Golden Haven 9-mth net income up 27% at P135M

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VILLAR-LED Golden Haven Memorial Park Inc. posted a 27 percent rise in its net income in the first nine months of the year on higher sales of memorial lots and columbarium vaults.

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In a financial report to the Philippine Stock Exchange last week, Golden Haven said its net income in the nine-month period rose to P135.5 million from P106.4 million a year ago.

It said total revenues increased 20 percent to P603.7 million from P506.1 million in the same period last year.

Bulk of the revenues were contributed by real estate sale sales, which grew 20 percent to P570 million from P474.9 million in the previous year.

“The growth was mainly attributable to the increase of sales of columbarium vaults and memorial lots,” Golden Haven said.

The company said internment income in the first nine months climbed 28 percent to P20 million from the P15.8 million recorded a year ago driven by an increase in the number of services rendered this year.

“The continued double-digit growth of the Company in both our top line and bottom line numbers that we have delivered were in line with our strategic expansion plans of providing premier privately-managed memorial parks and services for Filipinos all over the country,” Golden Haven chairman Jerry Navarrete said in a statement.

“The funds we raised from our successful initial public offering [are]now being deployed to acquire more properties for expansion, to develop our existing parks as well as to construct our first stand-alone Memorial Chapel and Crematorium facility in the San Ezekiel complex in Las Piñas,” he added.

Golden Haven has so far developed more than 55 hectares of land in eight locations nationwide.

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