By Jenniffer
B. Austria | Posted on Jun. 14, 2013 at 12:00am |
[
manilastandardtoday.com ]
Empire East
Land Holdings Inc., a unit of Megaworld Corp., said it allotted P4 billion for
capital expenditures this year, up from the P3 billion it spent a year ago.
Empire East
said in a filing with the stock exchange this year’s capital spending would
primarily come from collections, borrowings and equity financing.
Empire East
said it continued to acquire interest in properties through outright acquisitions
or joint venture agreements with landowners.
The company
said it aimed to have sufficient properties for development within the next
five to seven years.
Empire East
posted a net income of P235.3 million in 2012, up 26 percent from P186.1 million
in 2011 as consolidated revenues, primarily from real estate sales, grew 29
percent to P2.52 billion from P1.95 billion.
Real estate
sales in 2012 climbed P1.38 billion from P980 million.
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