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Italpinas posts 28% rise in net income despite pandemic

Italpinas Development Corp. (IDC) posted a 28.2% increase as of the third quarter to P46.74 million, with its two ongoing residential projects largely accounting for the sales revenue during the nine-month period.

Romolo V. Nati, IDC chairman and chief executive officer, said in a regulatory filing on Friday that the company was “fortunate” that business operations were weathering the pandemic. He said the main revenue sources were the real estate developer’s mixed-use green residential condominium Primavera City in Cagayan de Oro, and Miramonti Green Residences in Sto. Tomas, Batangas.

“We would attribute these projects’ remarkable performance, despite the pandemic, to the high market acceptance for IDC’s trademark combination of Italian design, green lifestyle, and well- chosen locations,” Mr. Nati was quoted as saying in the stock exchange disclosure.

“As of September 2020, residential units available for sale at Citta Verde (Primavera City Phase 1) were almost fully sold. In addition, for the same nine month period, sales made at Citta Bella (Primavera City Phase 2) already accounted for 67% of the 291 available residential units,” he added.

IDC said its total assets also improved 3% to P1.94 billion for the nine-month period. Further, the company said its total shareholders equity is now at P753.62 million.

“The company was able to improve on its Debt to Equity from 6.52:1.00 in 2013 to 1.67:1.00 by the end of 2019, and finally to 1.58:1 in the third quarter of 2020,” IDC President Jose D. Leviste III was quoted as saying.

Meanwhile, Mr. Leviste said the company is ready to contribute to the government’s “Balik Probinsya” program by providing quality housing at accessible prices in areas outside the big metropolises.

“The coronavirus disease 2019 (COVID-19) pandemic has been difficult, but it has also had the result that our value proposition of underscoring great potential in the provinces is now even more relevant than ever,” he said.

On Friday, shares in IDC at the stock exchange rose 2.73% or 8 centavos to end at P3.01 apiece. — Revin Mikhael D. Ochave

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