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Realtor posts 30% revenue growth

By Othel V. Campos | Mar. 27, 2014 at 12:01am [ manilastandardtoday.com ]

Property Company of Friends Inc. said Wednesday revenues grew 30 percent to P7 billion in fiscal year ending June 2013 from P5.4 billion a year ago.

ProFriends vice president for sales and marketing Richard Tay said the growth was led by the increase in manpower and company productivity.

“We’re consistently growing by double digits every year. This fiscal year 2014, we expect another double-digit growth,” Tay said in a news briefing at the Edsa Shangri-La Hotel in Mandaluyong City.

Tay said net income during the period reached P2.1 billion. He did not provide year-on-year comparison.

He also said the company would pursue a horizontal development in Mindanao, its first project in the region.  ProFriends will initially develop 50 to 100 hectares of land in Mindanao into townhouses and single units within the economic housing category.

Tay said price points would start at P1 million, designed especially for first-time owners.

The company aims to address the backlog in housing infrastructure in Mindanao by introducing affordable housing packages, he said.

“This is our first project in Mindanao. We plan to start with something that has critical mass then we grow,” Tay said.

He said the company saw the opportunity to bring development to Mindanao. Funding for the Mindanao project would come from a third long-term bond float of P4 billion in 2013.
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