Highland Prime Inc. Philippines reports real estate sales of P1.1B for 2009
Highland Prime, Inc. (HPI), in its disclosure to the Philippine Stock Exchange, announced that it has netted P1.1 billion in real estate sales for 2009, or 32 percent higher than the figures posted in 2008.
The company attributed its strong growth to the completion of Hillside and Woodridge Place, units of which are 88 percent and 96 percent sold respectively, as of end 2009.
Pueblo Real, which is 28 percent sold and 67 percent complete also contributed to revenues.
Gross profit of P251.2 million is 24 percent lower than that of last year as cost of sales rose by 68 percent to P846.7 million considering that HPI has been selling more condominium units than houses and lots.
Net income after tax amounted to P24.0 million, lower than the previous year’s P183.7 million resulting mainly from the adjustment to cost of land in its Tagaytay property and one-time expenses related to the acquisition of its Canlubang property.
HPI’s earnings before interest, taxes, deductions and amortization (EBITDA) amounted to P41.5 million for an EBITDA margin of 3.78 percent.
For 2010, HPI expects to launch two new projects: Phase Two of Woodridge Place at Tagaytay Highlands and Phase Two of Pueblo Real at Tagaytay Midlands.
Woodridge Place Phase 2 will consist of two mid-rise condominium buildings with 44 units each with an average size of 166 square meters per unit.
Pueblo Real Phase 2, on the other hand, is in the design phase.
HPI’s projects on sale in Tagaytay Highlands include Phase 1 of Woodridge Place, The Hillside and The Woodlands Point. Those in Tagaytay Midlands include the Horizon, The Lakeview Heights and The Alta Mira.
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