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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