MANILA, Philippines – Listed green developer Italpinas Development Corp. (IDC) posted strong sales last year, boosting its income by more than double or 142 percent higher than the 2014 level.
In a disclosure to the Philippine Stock Exchange (PSE), the Filipino-Italian-led company reported a net income of P44.476 million, 142 percent higher than the P18.356 million posted in 2014.
This was achieved as sales soared 62 percent to P216.5 million in 2015, which officials said is a reflection of the success of the company’s award winning Primavera Residences, a green building in Cagayan de Oro City.
IDC said its operating income more than doubled to P51.1 million in 2015, or 129 percent higher than 2014’s P22.3 million.
Certified green builder Italpinas Development Corporation (IDC) has set for the second quarter of this year the launch of its new huge and groundbreaking project – Primavera City – in Cagayan de Oro City (CdO).
IDC made its mark in the real estate industry as the first Philippine company certified by the International Finance Corp. (IFC) – World Bank Group Excellence in Design for Greater Efficiencies (EDGE) for its flagship project also in Cagayan de Oro City, the Primavera Residences.