Golden Haven profit up 19%

MANILA, Philippines -  Golden Haven Memorial Park Inc. posted a record net income of P180.22 million last year, up 19 percent year on year.

Total revenues rose 18 percent to P814.59 million.

Golden Haven president Jerry Navarrete said the company delivered its highest numbers last year in terms of its memorial lot and columbarium vault sales which resulted into record breaking revenues and net income.

“With a significant part of the IPO proceeds going into investments for expansion projects and the completion of our Memorial Chapels and Crematorium, that we are planning to fully utilize in the coming year, we are confident with the company’s prospect for 2017,” Navarrete said.

Golden Haven grew its its total assets by 61 percent  to P 2.88 billion, driven by the parallel increase in its property and equipment assets and investment properties.

“With the opening of the Memorial Chapels and Crematorium in the first quarter of 2017, coupled with the upcoming launches of new parks in Bambang and San Fernando in the second quarter, we are expecting even better results for 2017 due to the recognition of returns from the investments made with the IPO proceeds,” said Golden Haven COO Maribeth Tolentino.

As of the end of  2016, Golden Haven had eight memorial park projects, covering a total area of more than 66 hectares spread across various parts of the Philippines, including Las Piñas, Bulacan, Cebu, Cagayan de Oro, Iloilo, Nueva Vizcaya, Pampanga, and Zamboanga.

The company has also entered into agreements to acquire properties in new areas in the country.