Italpinas Development Corp. saw its net income surge by 69 percent to P15.62 million in the first quarter of 2020 from P9.26 million in the same period last year.
In a disclosure on Friday, the listed real estate developer credited the increase to the 25-percent rise of its sales to P134.5 million from P107.6 million year-on-year.
It attributed this growth to sales from its new projects.
Price increase and implementation of measures to optimize its capital and operational expenditures also helped improve its net income, Italpinas said.
“We believe that…green buildings are more relevant [now] than ever before,” Italpinas Chairman and Chief Executive Officer Romolo Nati was quoted as saying in the disclosure.
“Well-ventilated buildings with direct access to outdoors spaces and presence of abundant natural lights and other sustainable features are more attractive to the market now than before,” he added.
“Our sales performance not only have not been affected by the [coronavirus disease 2019] pandemic, but they [also] increased. This is a confirmation that market interest is definitely shifting toward green and accessible real estate products outside the main cities.”
Italpinas also said its net income last year grew by 50 percent to P181.43 million from P120.56 million in 2018.
Sales soared by 54 percent to P566.49 million last year from the year-ago P368.52 million.
“This increase in sales contributed significantly to [Italpinas’] increased net profit for 2019. Our net income-to-sales ratio [also] stayed at 32 percent in 2019,” Nati said.
Shares of Italpinas shed 6 centavos or 2.86 percent to finish at P2.04 apiece on Friday.