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.
Similarly, its net profit margin improved from 14 percent in 2014 to 21 percent in 2015 while the return-on-assets rate doubled from four percent in 2014 to eight percent in 2015.
Return on equity, meanwhile, stood at 14 percent in 2015.
In terms of total resources, IDC reported an improvement of more than 20 percent to P579.1 million compared to its 2014 asset level of P480.2 million.
For this year, IDC is on track in pursuing its business plan. Specifically, it is gearing up to launch its next “green” mixed-use condo project – Primavera City, also located in Cagayan de Oro City this June.
Primavera City is a cluster of seven buildings, the first two buildings – Tower A and B, are scheduled for construction by the third quarter of 2016.
Scheduled to be completed by the fourth quarter of 2018, Primavera City A and B are designed to consist of 11-story twin buildings, offering a total of 337 units (57 Commercial / Office Units, and 280 Residential units) – plus 100 basement parking slots.
It was in December 2015 when IDC made its debut at the local stock market.
With the approval of the PSE and by the SEC, IDC offered 57 million common shares, representing 26 percent of the company’s outstanding share capital at P3.60 per share through an initial public offering (IPO) in 2015.