IRC reports 52.6% hike in profit

MANILA, Philippines - A Presidential Commission on Good Government (PCGG) controlled, asset-rich real estate holding firm, the Independent Realty Corp. (IRC), managed to increase its net income for 2011 by 52.6 percent despite problems on some of its assets especially its crown jewel property, the 18.5-hectare Payanig sa Pasig land in Pasig City.

Luis Quioque, IRC general manager, said that from its P31.19 million income posted in 2010, IRC booked last year a net income of P47.6 million with gross revenues increasing from P71.84 million to 79.4 million.

Quioque, in his 2011 accomplishment report to the PCGG, said the positive results of operations of the corporation are products of administrative reform measures introduced by the new set of directors and officers of the IRC Group.

The reform measures allowed IRC management to cut administrative expenses by 40 percent from P19.65 million down to P11.97 million resulting in savings of over P7million from the previous year.

Quioque emphasized that the higher income was earned despite the continuing challenge posed by non-paying tenants in the 18.5-hectare “Payanig sa Pasig” property where Ilocos Sur Gov. Luis “Chavit” Singson has raised a challenge to the PCGG and IRC’s ownership over the entire property.

For 2012, Quioque said the IRC Group’s new management team will continue in its drive to sustain the growth trends in its current businesses and develop new income streams, thus ensuring its value is enhanced in preparation for its eventual privatization.