Cityland income exceeds expectation

Cityland Development Corp. (CDC) reported yesterday a financial performance which, according to company officials, exceeded their expectation.

In its 1999 annual report to the Philippine Stock Exchange and Securities and Exchange Commission, said it continued to enjoy profitable operations and stable financial condition. Even though the property market was affected by the Asian crisis, CDC posted a net income of P280 million, which is almost equal to the 1998 income of P290 million.

The company's balance sheet showed a cash and cash equivalent balance of P1.797 billion, which reflects its very liquid position. CDC officials said the company maintains a high liquidity position, to give it leverage in the acquisition of properties, costs of which depend very much on timing.

CDC belongs to the Cityland Group, which has been in the property development business for more than 20 years. During this span of time, the group has completed and delivered 18 condominium projects located in Makati and Mandaluyong City.

The last project completed and turned over by CDC is Cityland Wack Wack Royal Mansion, which is 96 percent sold and overlooking WackWack Golf Course.

The ongoing project of CDC is Cityland Pasong Tamo Tower located in Makati, which is full blast in construction and is about 80 percent complete.