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Empire East income climbs 34% to P144M

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.

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.

On the stock market on Thursday, shares in Empire East closed unchanged at P0.185 apiece. — Justine Irish D. Tabile

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