STRONG sales in the Visayas and Mindanao brought developer Landco Pacific Corp.’s profit to P1.94 billion in the first half, 11 percent higher than its P1.7-billion target for the period, the company said yesterday.
Sales in those two regions rose 35 percent to P497 million against the P368-million target, the company said.
Sales of leisure developments including country club homes and villas increased to P427 million, while sales of memorial parks rose to P287 million. Those results exceeded the company’s combined target by 27 percent.
Landco’s prime projects in the Visayas and Mindanao include Monterazzas de Cebu, a premier mountainside residential community in Guadalupe, Cebu City; Playa Azalea, a seaside commercial and residential enclave on Samal Island in Davao del Norte, and Woodridge Garden Village in Zamboanga City, a resort-like residential subdivision.
The company also owns memorial parks in Iloilo, Zamboanga, Davao, General Santos, Cagayan de Oro, San Fernando in La Union and Binan in Laguna.
Landco president Alfred Xerez-Burgos III said the company would be completing all ongoing projects to increase sales further.
“Coupled with the improving global economy, the completion of these projects will provide Landco a better opportunity to further boost sales,” he said.
The company’s strong sales showed that people were still putting a premium on quality, he said.
“This also shows that the market continues to trust and value what Landco developments offer to its homeowners,” Xerez-Burgos III said.
In June, Metro Pacific Investments Corp. reduced its stake in Landco to 34 percent from 51 percent by selling its 17-percent interest in the property firm to AB Holdings Corp. and the group of Xerez-Burgos for P203.2 million.
The sale increased AB Holdings and Xerez-Burgos group’s stake in Landco to 66 percent.
AB Holdings was to pay Metro Pacific P203.2 million for the stake by transferring to it Landco assets including shopping malls, model houses or club shares.
Last year, Metro Pacific expressed interest in selling its entire stake in Landco, but later decided to keep a minority share in the company. –Jenniffer B. Austria, Manila Standard Today
Invoke Article 33 of the ILO constitution
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against serious violations of Forced Labour and Freedom of Association protocols.
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