Italpinas Development Corp. (IDC) reported a 28.2 percent rise to P46.74 million as of the third quarter, with its two operating residential developments primarily responsible for sales revenues across the nine-month span.
Romolo V. Nati, IDC Chairman and Chief Executive Officer, said in a regulatory filing on Friday that the corporation was “lucky” to state that its activities were in the middle of a pandemic. He said the key sources of income were mixed-use green condominium property developers Primavera City in Cagayan de Oro and Miramonti Green Residences in Sto. Tomas, Batangas, guy.
“We will credit the exceptional success of these ventures, considering the pandemic, to the high consumer recognition of IDC’s signature mix of Italian architecture, green lifestyle and well-chosen locations,” Mr. Nati said in the stock exchange filing.
“As of September 2020, residential units eligible for rent at Citta Verde (Primavera City Phase 1) were almost entirely sold. In addition, for the same nine-month span, sales made to Citta Bella (Primavera City Phase 2) already accounted for 67% of the 291 residential units available,” he added.
IDC announced that its overall assets had increased by 3% to P1.94 billion during the nine-month span. In addition the company announced that its total share capital is now P753.62 million.
“The organization was able to raise its debt to equity from 6.52:1.00 in 2013 to 1.67:1.00 by the end of 2019 and eventually to 1.58:1 in the third quarter of 2020,” said IDC President Jose D. Leviste III.
Meanwhile, Mr. Leviste said that the organization is willing to contribute to the government’s “Balik Probinsya” initiative by offering quality housing at reasonable rates in areas beyond the main metropolises.
“The pandemic of coronavirus disease 2019 (COVID-19) has been challenging, but it has also culminated in our value proposition to underscore great promise in the provinces becoming much more important than ever before,” he added.