MANILA -- Premium property development firm, Philippine Realty and Holdings Corporation, grew its profit by a whopping 1,725 percent in the first three quarters of the year, driven by robust real estate sales and rental income.
In a statement, Philrealty reported that net income after tax reached PHP44.5 million in January to September compared to PHP2.5 million for the same period last year.
Its gross revenues surged by 55 percent to PHP1.004 billion from PHP647.4 million.
Philrealty chief financial officer and treasurer Edmundo Medrano is optimistic about sustained sales in the fourth quarter of the year despite increases in interest rates and inflation.
“On the contrary, the currently high inflation rates tend to induce high-end property purchases as we have seen in our property sales. Given that bank deposits now are lower than the inflation rate, premium properties become a good hedge against inflation,” he said.
Philrealty president and chief executive officer Alfredo del Rosario noted new development projects in the pipeline.
“We are happy with how our basic products are selling at this point. However, we are bound to surprise the market with exciting projects that we will be doing in the next few months and years,” he said.
Philrealty is behind high-end property developments like The Alexandra, La Isla, and Tektite Towers in Ortigas, The Alexis in Pasig, and Casa Miguel in San Juan. (PNA)
