Golden Haven profit up 23%

Newly listed deathcare service provider Golden Haven Memorial Park Inc. grew its net profit in the first semester by 23 percent year-on-year to P84 million on higher sales of memorial lots.

Revenues rose 30 percent year-on-year to P418.9 million, driven by real estate sales, which jumped 30 percent to P393.26 million.

For the second quarter alone, Golden Haven increased its net profit by 48.7 percent to P40.09 billion from a year ago.

Golden Haven, which is controlled by the Villar family, recently raised P778 million from its initial public offering. The company debuted on the local stock exchange last June 29 under the ticker “HVN,” making it the first company to brave the market this year.

Jerry Navarrete, Golden Haven chair, said in a statement Wednesday that the fresh capital raised would help the company achieve its “park in every hometown” strategy to provide premier, privately managed memorial parks and services for Filipinos all over the country.

“We aim for Golden Haven to become the nationally recognized brand in the deathcare products and service industry,” he said.

For the first half, the company’s total assets amounted to P2.7 billion, up 53 percent from the level at yearend 2015.

Golden Haven chief operating officer Maribeth Tolentino said: “The company will continue its strategic expansion throughout the country by acquiring land that will focus on key locations. The previously announced memorial parks in Bambang and Pampanga are set to formally launch by this year, while over 30 hectares of new properties are eyed for new projects of the company, which include locations in South Luzon and Visayas.” Doris Dumlao-Abadilla