EMPIRE East Land Holdings Inc., a subsidiary of property giant Megaworld Corp., posted a 14 percent increase in its 2015 net income on strong sales from its various projects.
In a disclosure to the Philippine Stock Exchange (PSE), Empire East said its net income last year rose to P550.5 million from P484.5 million in the previous year.
Consolidated revenues increased 11 percent to P5.06 billion from the P4.58 billion registered in 2014.
“The increase in revenue is mainly due to increase in sales from various projects,” Empire East said.
It said real estate sales last year climbed to P4.02 billion from P3.48 billion.
“The sales generated were derived from various projects, namely San Lorenzo Place, Pioneer Woodlands, Little Baguio Terraces, The Rochester Gardens, Kasara Urban Resort Residences, The Sonoma, The Cambridge Village, California Garden Square, Greenhills Garden Square, Xavier Hills, Southpoint Science Park and Laguna Bel-Air Projects,” the company said.
The company said the cost of real estate sales, amounting to P2.6 billion in 2015 and P2.3 billion in 2014, as a percentage of real estate sales, was 65 percent and 66 percent, respectively. “The change was primarily due to the type of products sold for each year,” it said.
For 2016, Empire East has programmed a capital expenditure (capex) of about P5 billion which is expected to be funded by collections, borrowings and other sources.
Empire East’s parent Megaworld announced earlier this year a P55 billion capex budget to include those of its subsidiaries.
Megaworld currently holds an 82-percent stake in Empire East, as well as 100 percent of Suntrust Properties Inc. and 82 percent of Global Estate Resorts Inc. (GERI).
Empire East is a real estate developer that targets the lower and middle-income markets. Its core products are mid-rise to high-rise condominium towers within Metro Manila and house-and-lot packages in progressive suburban areas.