Highlands Prime income plunges 58.74% in H1
Highlands Prime Inc., a leisure property development firm majority-owned by the SM Group of retail tycoon Henry Sy, reported a 58.74 percent drop in net income to P22.1 million in the first six months of this year from P53.56 million in the same period a year ago.
The decline was due to lower revenues and higher cost and expenses.
Revenues reached P167.8 million compared with P199.43 million while cost and expenses surged to P149.81 million against P118.67 million a year earlier.
The company expects to generate P1.9 billion in revenues from the
The leisure homes developer has set aside P900 million this year for the construction of new luxurious log cabins and residential subdivision lots which include The Hillside, Woodlands Point, and Woodridge Park.
Woodridge Park is Highland’s most luxurious project to date which will comprise 10 buildings, estimated to cost around P1.5 billion to P2 bilion.
The Woodlands Point, on the other hand, will involve the construction of 70 cedar log cabins priced at between P20 million and P30 million which will occupy 250 to 300 square meters of space. Each cabin will have four bedrooms.
The Horizon, a mid-rise residential condominium development envisioned to be a golfer’s haven, is seen to raise approximately P2 billion in gross revenues for
Funding will come from proceeds of the company’s preselling activities and bank loans.
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