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Highlands Prime reverts to losses on lower real estate sales

Published : Thursday, August 11, 2011 00:00 [ ]

HIGHLANDS Prime Inc. booked losses in the first half of the year on lower real estate sales.

In a disclosure to the Philippine Stock Exchange, the Henry Sy-led high-end property developer said losses hit P5.93 million in the second quarter, a reversal of the P25.85 million profit in the same three-month period last year.

This pulled earnings to a net loss of P27.9 million in the first semester, or 185 percent lower than the P32.9 million last year.

Real estate revenues fell 55 percent to P158.0 million from P352.1 million in 2010.

Operating expenses inched up 3 percent year-on-year to P80.5 million because of the slight increase in repairs and maintenance costs.

Highlands Prime’s shares were last traded on July 15 at P2 each.

The company has three projects under construction, namely, The Woodridge Place II, a condominium project at Tagaytay Highlands as well as subdivision developments Pueblo Real Phase 1 and Sierra Lago, at Tagaytay Midlands.

Known for its vacation homes in Tagaytay, the real estate firm is contemplating on serving the primary residential market through its 172-hectare Canlubang property in Laguna, capitalizing on the reduced travel time to and from Metro Manila through the South Luzon Expressway.

Highlands Prime has begun the master planning of the Canlubang property, which is slated for launch next year. This would house different subdivisions offering open lots along with mixed-use retail establishments.

The country’s major real estate players launched on Wednesday the 2011 Subdivision and Housing Developers Association Housing Fair at the Glorietta Activity Center.

From August 10 to 13, property firms based in the National Capital Region and part of SHDA’s 160 members would exhibit their various housing products and provide attractive financing schemes for homebuyers.

SHDA members include Ayala Land Inc., DMCI Homes, Phinma Properties Inc., Robinsons Land Corporation and SM Development Corp.

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