Empire East Income Rises 34% To ₱144-M
Listed Empire East Land Holdings, Inc.’s attributable net income climbed by 33.7% to P143.52 million in the third quarter from P107.35 million last year after it managed to cut expenses on almost flat revenues.
Photo Insert: Empire East is engaged in the development of middle-cost housing projects such as condominiums, subdivision lots, house and lot units, and commercial units.
In its quarterly financial report disclosed on Thursday, the listed housing developer registered a topline of P1.06 billion, which was mainly driven by its real estate sales, lower by 1.1% from P1.07 billion a year ago.
The company’s real estate sales climbed by 2.6% to P881.51 million from P858.83 million a year ago. Its cost and expenses amounted to P915.15 million, lower by 4.9% from P962.31 million a year ago.
For the quarter, Empire East booked a fair value loss on financial assets of P61.93 million, up from P15.76-million earnings last year. “(This) pertains to the decline in the fair market value of an investment in securities held by a subsidiary,” the company said in its report.
For the three quarters ending September, Empire East’s attributable income to its parent firm equity holder, amounted to P503.27 million, up by 1.8% from P494.16 million a year ago.
Its year-to-date revenues reached P3.44 billion, a 9.2% climb from the P3.15 million it posted in the previous year. The company’s nine-month cost and expenses amounted to P2.94 billion, higher by 10.4% versus P2.66 million in the same period last year.
Empire East is engaged in the development of middle-cost housing projects such as condominiums, subdivision lots, house and lot units, and commercial units.
Its wholly-owned subsidiaries include Eastwood Property Holdings, Inc.; Valle Verde Properties, Inc.; Sherman Oak Holdings, Inc.; Empire East Communities, Inc.; and 20th Century Nylon Shirt Co., Inc.
It also has ownership interests in companies, namely: Laguna BelAir Science School, Inc.; Sonoma Premier Land, Inc.; and Pacific Coast Megacity, Inc.