Real estate developer Italpinas Development Corporation (IDC) said on Friday it signed a deal to get a P250 million new term loan with the Development Bank of the Philippines (DBP) to boost its operating capital.
The listed company in a disclosure on Friday said this would “sustain positive momentum” as its receivables increase and an expected rise in demand.
“This additional term loan will help the Company to further secure its momentum and growth,” IDC Chairman and Chief Executive Officer Romolo Nati said.
IDC posted a 28% increase in net income to P46.74 million as of the third quarter, generating revenue largely through two ongoing residential projects.
The first two phases of IDC’s Primavera City in Cagayan de Oro City were also partially funded by DBP. The Citta Verde twin towers will be ready for occupancy in the first quarter of 2021, while the Citta Bella will be completed in the second quarter of 2022.
The permits for the final phase of the projects are being processed.
IDC is also building the 21-story Miramonti Green Residences in Sto. Tomas, Batangas, although construction has been slowed down by the lockdown.
Shares in Italpinas rose 0.33% to close at P3.05 each. — Jenina P. Ibañez