BOUTIQUE property developer Italpinas Development Corp. said it sees an increase in its net income this year as it almost sold most of its condominium units for sale in Cagayan de Oro and Batangas.
Italpinas Chairman and CEO Romolo Nati said since 2013, its net income has been doubling every year, even if it is coming from a small base.
“We are working for that [income double] this year,” Nati said at the sidelines of the company’s stockholders’ meeting on Monday.
From a net income of P5.3 million in 2013, the company’s profits already reached P120.56 million last year.
For the six months of the year, the company’s income reached P24.47 million, or slightly higher than last year’s P23.65 million.
Nati said as of September, the company has sold more than 95 percent of its residential condominium project called Primavera City in Cagayan de Oro. The company also launched its Citta Bella at Primavera City Phase 2 and opened up residential units for sale.
It is also on its preselling stage of its Miramonti Green Residences, its third project located in Santo Tomas in Batangas.
“To date, the combined revenues of these two condo projects has reached more than P1.45 billion,” Nati said.
The company currently only has two major projects.
Primavera City in Cagayan de Oro is a cluster of seven buildings to be developed in four phases.
Miramonti Green Residences, in the other hand, is located inside Light and Industry Science Park in Batangas, and will be developed in two phases.
The company said it has plans to form joint ventures with other companies, but it has no firm deals yet.
Meanwhile, Nati said that its preferred shares issuance is still “doable” by the end of the year.
In March, the Italpinas board approved the issuance of up to P500 million worth of preferred shares, with an overallotment of P150 million. Proceeds of which will be for land banking, working capital, business developments and acquisitions.
“We have not determined the buyers yet until we can secure an approval [from regulators]. But most of them will be institutional buyers,” he said.