Empire East Land Holdings Inc. saw its net profit climb by 15 percent to P615 million last year from P535 million in 2018.
In a disclosure on Thursday, the listed property firm attributed the income growth to its 24-hectare (ha) property launch, seven tower completions, prestige property and leadership recognitions and the official establishment of its corporate social responsibility program.
According to Empire East, residential real estate prices rose by 10.4 percent last year, with the third quarter registering a 29.1-percent growth rate, which it said indicated healthy and stable demand for residential developments.
Last year, the firm launched its 24-ha residential project, Empire East Highland City, dubbed the “first elevated city” in the country. The seven towers it finishing building have 2,180 units in total.
Despite the coronavirus disease 2019 (Covid-19) pandemic, Empire East said it recorded P2.4-billion worth of reservation sales during the community quarantine imposed by the government to contain the spread of the highly contagious respiratory illness.
“While no company is [immune] to this health crisis as the virus continues to linger globally, it was during this time that Empire East discovered once again the strength of its foundation that brought us sailing steadfastly into a new era of doing real estate business,” Empire East President Anthony Charlemagne Yu was The company said it looked to continue launching units for its additional towers in Empire East Highland City this year.
It added that it had secured properties with an aggregate area of 427 ha for its land bank worth approximately P5.1 billion.
Empire East shares improved by 0.015 centavos or 5.88 percent to close at 27 centavos each on Thursday.
Originally published on Manilatimes.net