LISTED real estate developer Primex Corp. expects to double its net income this year driven by strong sales as shown by the positive financial results in the first quarter.
“We expect the growth to continue and to double our net income in 2016,” Primex director Karlvin Ang said in a statement.
The company earlier reported first-quarter net income of P28.6 million, reversing last year’s net loss of P0.83 million, amid a 26 percent surge in sales.
It said consolidated sales in the quarter grew to P69.09 million from the P2.64 million recorded in the same period in 2015
“We are very pleased and happy with the bottom line results of the company starting with last year’s figures,” Ang said.
Primex expects its acquisition of its subsidiary Primex Realty Corporation, which owns a 31-storey residential condominium in the Makati Central Business District called The Stratosphere, to give a boost to revenues.
“More projects are being worked out which should produce similar to, if not better than, The Stratosphere’s revenue and bottom line contributions,” Ang said.
The company’s expansion plans are also expected to fuel its growth, according to Ang.
Ang said they are currently exploring possible foreign and local joint-ventures and strategic partnerships including capital enhancement activities like a follow-on offering.
Incorporated in 1986, Primex Corp. is engaged in raw land acquisition, development, marketing, and leases. It currently holds a land bank of prime properties in Makati City, Greenhills in San Juan, Quezon City, Tagaytay, Antipolo, Malabon, and Bulacan.