Highlands Prime posts P35-M net profit in 9 mos
Highlands Prime Inc., a leisure property development firm controlled by the SM Group of retail tycoon Henry Sy, posted a net income of P35 million in the first nine months of the year, down 41 percent from P59 million the same period a year ago. Highlands Prime attributed the drop in earnings to lower rental income and higher expenses.
In a financial report filed with the Philippine Stock Exchange, the company said its revenues grew 34 percent to P290 million, mainly coming from the sale of
Highlands Prime reported a two-percent increase in interest income to P5.3 million. It gained P15.6 million from the sale of some Belleview units and another property.
Operating expenses increased by 16 percent due to increased taxes and licenses, depreciation, salaries and wages, marketing and advertising and commission expenses.
As of end-September this year, Highlands Prime’s total assets stood at P3.051 billion, nine percent down from the end-2006 level.
This is mainly due to a 75-percent decrease in cash from P340 million to P84 million.
Total receivables declined to P181 million due to a lower level of receivables from buyers who have fully paid for their units.
On
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 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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