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Empire East spending P4b

By Jenniffer B. Austria | Posted on Jun. 14, 2013 at 12:00am |
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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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