Property developer Philippine Realty and Holdings Corp. posted strong gains in the third quarter of the year as net income after tax rose 1,725 percent to P44.5 million from P2.5 million for the same period last year.
Philrealty reported gross revenues of P1 billion, which was 55-percent higher than the P647.4 million recorded in the same period last year. The buoyant sales of real estate and higher rental income were the main drivers of revenue growth.
Philrealty chief financial officer and treasurer Edmundo Medrano said: “We are very hopeful that the awareness and the momentum generated by our sales group will spill over to the fourth quarter. Since our real estate inventory is of the premium variety, our market is not affected by increases in interest rates.”
Philrealty reported that real estate sales growth for the first three quarters of 2018 compared to 2017 was 56 percent. Top-selling projects for the period were developments in Metro Manila—SkyVillas and SkyLine Towers in Quezon City and the Icon Plaza in Bonifacio Global City.