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Updated: November 30, -0001

Major real estate players' profits increase in Q1

Some of the country's top real estate companies have posted an increase in their profits in the first three months of 2015

Be aware of the current events at the real estate industry. MyProperty.ph has selected the five top industry stories this week to get you up to speed with the latest of the country’s property sector.

This week the country’s top real estate developers in retail, office, residential, and commercial sectors post significant increases in income for the first quarter of 2015. Meanwhile, Century Properties is planning to spend P60 billion for its new projects until 2020.

Century Properties to spend P60 B until 2020
Real estate firm Century Properties Group Inc. is planning to spend P60 billion over the next six years to continue its expansion. “Our capex plan is to have P10 billion spending per year or roughly P60 billion from now until 2020. That is as opposed to our historical average capex of P8.3 billion from 2012 to 2014,” Century Properties chief finance officer Jose Carlo R. Antonio said.
Philstar; May 15, 2015

Cosco Capital earns P965M in Q1
Lucio Co’s holding firm, Cosco Capital, reached a net income of P965 million in the first three months of 2015. The conglomerate’s income rose by 18% from the P817 million it earned last year during the same period. According to Co, 55% of Cosco’s revenues came from its retail business arm while 24% of its income came from real estate leasing.
Philstar; May 15, 2015

Filinvest posts reached P1.24 B in Q1 of 2015
Real estate firm Filinvest’s profits had a 15 percent increase in the first quarter of the year. The company’s profits hiked from P1.08 billion last year to P1.24 billion. Filinvest Land Inc. (FLI) said that the increase “was driven by strong sales across its wide spectrum of residential product offerings: horizontal housing projects, medium-rise buildings under the Oasis and Spatial brands, and high-rise buildings.”
Philstar; May 15, 2015

Megaworld unit posts P139-M profit in Q1
Megaworld’s tourism subsidiary reports a 35% increase in profit in the first three months of 2015. Global Estate Resorts Inc. (GERI) claims that the P139 million profit is due to strong growth in residential sales, hotel, and service income.
ABS-CBN; May 14, 2015

Ayala Land net income rise 19% in Q1 2015
Ayala Land Inc.’s net income rise 19% to P4.1 billion in the first quarter of 2015. “Our first quarter results provide a good takeoff point towards the achievement of our targets for the year.  We continue to introduce new estates and products in various geographies that will allow for sustained growth in 2015,” said Ayala Land President and CEO Bernard Vincent Dy in a statement. In the same period last year, ALI’s net income was P3.5 billion.
CNN; May 13, 2015

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