[ Malaya.com.ph ] May 12, 2011
Middle-income property developer Empire East Land Holdings Inc. yesterday said profit for the first quarter of the year reached P25.17 million, 8 percent higher than the P23.26 million in the first quarter of the previous year.
Consolidated revenues – real estate sales, interest income, commissions and other revenues, and net earnings of associate – reached P565.12 million, a 3 percent growth from P549.74 million.
Real estate sales reached P308.7 million, up from the previous year’s P273.62 million, mostly generated by projects California Gardens Square, Little Baguio Terraces, Pioneer Woodlands, The Cambridge Village, San Lorenzo Palce, Laguna Bel Air Projects, Xavierhills, Cybergreen, Governor’s Hills, Sta. Rosa Heights and Suntrust Adriatico Gardens.
The company recognized P126.15 million in other income, against last year’s P142.83 million, coming from commissions of subsidiaries, and rents for investment property and residential/commercial spaces in various projects.
Interest income reached P104.5 million, up from P93.83 million, coming from in-house financing.
Empire East assets amount to P25.5 billion, down from the end-2010 figure of P27.8 billion.
Company cash and cash equivalents stood at P1.5 billion from P860 million at end-2010.
Empire East intends to budget P2.3 billion for capital expenditure this year.
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